Transition from Renter to First Time Buyer
The cost of owning a home in Tampa is cheaper than renting and within reach of even young buyers, both couples and singles.
Home ownership is within reach for many who don’t realize that they’d be paying less than they already do in rent. Buying your first home will save you money, earn you equity and credit, and give you a leg-up when you’re ready to buy your next home.
Down Payment Programs
There are several down payment programs available to First Time Home Buyers. The best is the state bond program that awards $15,000 to qualified first time buyers. The money is forgiven at a rate of 20% per year and completely forgiven by 5 years, requiring no payback upon sale.
Depending on your unique situation, another loan may be more suitable for you. Your Realtor® can help you compare estimates objectively.
Low Down Payment Options
Home buyers who are able to make their own down payments in order to get a better loan rate and terms can purchase a home with down payments as low as 3% depending on the loan product.
You Still Come Out Ahead, Even with PMI
Most loans with less than 20% down will require paying PMI (private mortgage insurance), that protects the lender from the risk of your default on the loan. The premiums, which are between .3-1.5% are paid with your monthly mortgage payment.
While spending this additional money rankles, you still save money over renting, earn equity, strengthen your credit, and you can eventually drop the PMI or refinance. EssentIQ provides a helpful tool for you to crunch the numbers in order to compare continuing to rent while you save 20% compared with borrowing now and paying PMI.
More Cost-effective than Renting or Dorming During College
I’ve worked with several buyers who at first wasted a lot of money dorming or renting during their college years. Owning costs less monthly than renting, provides a tax deduction and also serves as an investment. If you move after graduation, you could keep the home as a rental/investment property or sell.
Applying Early Gives You Time and Direction to Fix Any Issues
Commonly, there are small items that can be worked on over a couple of months in order to get approved if your credit isn’t quite ready yet. The sooner you begin, the sooner that will be behind you.
Many other first time buyers are approved right out of the gate. The only way to find out is to apply.
I’ve Got You
I worked as a teacher for eleven years before I became a Realtor, so I approach real estate the way that I did teaching: as an advocate, an educator and someone you can absolutely trust. I do NOT sell to my buyers. Ever. There is no need to. You want to buy a home (either now or later) and I have access to all homes listed for sale.
I will always guide you with honesty and integrity. I have the knowledge and experience you’ll want on your side throughout the process — I’ll hold your hand from getting approved through all the steps to closing and beyond. When it comes time to negotiate and work toward closing, I will be your strong, effective advocate.
I enjoy working with all my buyers, but First Time Buyers have a special place in my heart and being a part of that process is an honor. Let’s get you home!
Contact me online or text FIRST TIME BUYER to 813-453-5273 to learn more.