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First Time Home Buyers

Income, Savings, Monthly expenses, and Debt .
All of these are important factors in determining how much of a mortgage you can afford and it’s impact on your monthly budget and your lifestyle.

The following categories are a guide. Once you review these and feel comfortable that you can qualify as a first time home buyer, set up an appointment with a Mortgage Broker and let them help you determine the best course of action to take.

Review your Income

What is your monthly income? What is your combined Income?
(Are you combining your income with your spouse or partner?)

Besides your Incomes from work are their other sources you want to include?
(Investment income, a second job, disability income, etc.)

Review your Savings

In most situations purchasing a home will require that you have a sufficient amount of savings or liquid assets that can be used for your down payment and closing costs. If you don’t have much of cash available, there are loan programs available (through FHA and VA mortgage programs) that do not require a lot of cash at closing.

There are some closing costs that you cannot finance through your loan and this is where working with a Realtor can really begin to pay off. Experienced Realtors are aware of available programs for first time home buyers’ in your area, or can help you identify down payment grants available to government employees like teachers, police officers, fire fighters, EMT, etc. through local, state or federal government programs.

Review your Debt

Know what the mortgage lenders are looking for when it comes to the amount of debt you are carrying. You can start by listing all of your debts that include:

Outstanding credit debt
Auto loan payments or lease payments
Student loans
Personal loans

Once you have this information in hand, sit down with a Mortgage Broker and review your options and find out what your home buying potential is!