If you’re a first-time home-buyer who has succeeded in saving enough for a down payment on your very first home – congratulations! You did your homework prior to starting your home search and realized you don’t need 20% for a down payment on your first home. You’ve tackled one of the hardest elements of the home buying journey with success, however you haven’t crossed the finish line to home ownership just yet. Now it’s time for the follow-up work which will take you from prepared to purchase.
A Strategy for First-Time Home-buyers
Credit Check
Are you aware of what your credit score actuall is? If not, it’s time to request a copy of your credit report from TransUnion, Equifax and Experian to discover your score and what it implies to your future financial picture. Begin working to remedy any errors or outstanding debts before it’s time to make an offer on a house. It’s vital that you determine your DTI, or debt-to-income ratio, by reviewing assets and debts. The higher your DTI rate, the riskier the investment for lenders that can result in higher interest rates for borrowers.
Prepare the Paperwork
Begin gathering all necessary documents now to make the process run smoothly. Based on your situation, this could include income documentation, proof of assets, personal documents, pay stubs, tax returns, bank statements, IDs, previous addresses and Social Security numbers. Study the documents as you collect them to get to know your financial situation, motivate your home search and keep your debt-to-income-ratio low.
Your Pre-Approved
Once you choose the right agent, (Nick, Cindy & Nicholas) the next step is to make an appointment with a loan originator (choose one near you). A loan originator will help you with pre-qualification or pre-approval. Take into account that many homeowners borrow below the maximum to take into account other expenses and opt into lower monthly payments. Revisit your financials with these new numbers in mind and, if necessary, make any final edits to your budget and payment plan.
Lets find your new home here in the Tampa Bay and Surrounding Areas? We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.
Ways Our Family Can Help Your Family
All Homes For Sale in & Around Tampa
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Lot Size6,099 sqft
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Home Size1,592 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built2014
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Days on Market1
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Lot Size6,970 sqft
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Home Size3,558 sqft
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Beds3 Beds
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Baths4 Baths
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Year Built2006
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Days on Market1
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Lot Size
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Home Size960 sqft
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Beds1 Bed
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Baths1 Bath
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Year Built2001
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Days on Market1
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Lot Size
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Home Size2,415 sqft
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Beds5 Beds
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Baths3 Baths
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Year Built2022
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Days on Market1
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Lot Size2.09 ac
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Home Size1,251 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1980
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Days on Market1
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Lot Size11,326 sqft
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Home Size4,849 sqft
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Beds5 Beds
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Baths6 Baths
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Year Built2007
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Days on Market1
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Lot Size6,534 sqft
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Home Size999 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1959
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Days on Market1
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Lot Size2.05 ac
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Home Size1,025 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1978
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Days on Market1
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Lot Size9,148 sqft
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Home Size960 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built2001
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Days on Market1
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(all data current as of
5/6/2024)
Listing information deemed reliable but not guaranteed. Read full disclaimer.