Congratulations! You have decided to start the process of buying your own house and as a first time home buyer, it is very important that you make your research before you commit to this important purchase.

Buying a house is like running a marathon, in order for you to get a chance to finish it successfully, you need to prepare for it and let’s start with 5 important tips for first time home buyers:

1. Saving is your new favorite activity.- While the down payment itself can be only 3.5% for a FHA loan, make sure you also have enough money to cover closing costs (2% to 5%), inspections, appraisals and reserves asked  by the lender. A rough estimate is around 10% of the purchasing price (for everything, including down payment).
2. Check and improve your credit score.- Remember to download your credit report for free HERE and improve your score to get it as high as you can to apply for your mortgage. Note: keep up the good work with your score throughout all the transaction and after closing.
3. Review your finances .- This will allow you to estimate how much you would feel comfortable paying monthly for your home
4. Inform about mortgages and the requirements.- You can check HERE the main mortgages information, remember to shop around for mortgage assistance
5. Get the help of a licensed Realtor.- Having a professional on your corner will allow you to have first-hand information and advice about the real estate market and the most accurate listing information.

If you don’t have a Realtor yet, contact me, I will be happy to assist you ClarisaMoody@gmail.com or 813 446 2003

Clarisa Moody

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