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Florida First Time Homebuyers
Steps on Becoming a First Time Homebuyer

Part 1: Get Prequalified and have your credit analyzed by a Mortgage
Specialist.  

This is a very important step in this market.  Here are some of the questions answered during
this step:

A) Monthly Expenses:  What will my monthly payment be?  How much are my property taxes,
Homeowner's Insurance, and any other expenses each month?  

B) Monthly Budget:  How much will I need to start?  What is earnest money?  What is my down
payment amount?  How much are my closing costs?  Is there any other cost I will incur when I
close?

C) How much do I qualify for?  There are two ways to look at this question.  


Comfortable versus Qualified.  

You might qualify for more of a loan amount and home but will you live comfortably?  
Your Mortgage Specialist will help you analyze the difference.  Also, this is the step where you
discuss your minimum down payment, the types of mortgages that you qualify for and their
benefits.  

D)  Credit Score:  Your credit score is an important factor when qualifying for a loan.  We not
only look at credit score but also look at your credit history.  Have been late on your liabilities?
How many active trade lines you have on your credit?  Are you maxed out on any credit cards?
Many clients assume that the score is the only factor but the other items mentioned as well
as a few others are just as important in some cases on whether you will qualify for a loan.  
Here is a general guideline for the way that a Mortgage Specialist will view your credit scores:  

720+ Excellent
680-719 Very Good
640-679 Good
600-639 Fair
599 or lower- Needs work

E) Items that a Mortgage Specialist will analyze during your application:
1) Credit history, 2) Rent history, 3) Sources of Income, 4) Job history, 5) Down Payment
Amount, 6) Reserves

F) Down Payment.  During the Pre-Approval process, you will find out how much of a down
payment you will need to come to closing with in order to qualify for the loan.  Your down
payment can be in a savings account, checking account, 401K, stocks, and can even be a gift.  
Your Mortgage Specialist will let you know what the guidelines are for each of these.  

G) Items Needed:  The last step of Pre-Approval is a list of Items that you will need throughout
loan process.  These include:
1) Last 2 Years W2s or Tax Returns
2) Last 2 Pay stubs
3) 2 months of Recent bank statements where your funds to close are located
4) Cancelled checks for Rent history for last 12 months
5) Explanation for any derogatory credit

Part 2:  After Pre-Approval
The next step after the Pre-Approval step is to determine if you would like to search for a
home yourself or if you would like to use a Professional to assist you.  Some clients prefer to
search the Internet and different websites to find homes to view.  Others like to get help from
a Real Estate Agent or Broker to help them locate properties that may interest them.  Realtors
can also assist you with negotiating the contract once you find a home.  

Finding A Real Estate Agent
1)        Ask your friends and family
2)        Ask your Mortgage Professional
3)         Internet

Questions to ask a Real Estate Agent
1)        Do you work in Real Estate full time?
2)        Do you belong to the Multiple-listing service in the area where I am interested in purchasing?
3)        Do you hold any professional designations?
4)        Do you have testimonials from past clients?
5)        What exactly will you do to help me find a home to purchase?

A Real Estate Agent’s Responsibilities
1)        Locates the property
2)        Analyzes market to give you opinion of what to offer
3)        Prepares and presents offer
4)        Communicates with seller or their agent
5)        Takes care of paper work and prepares contract

After Making an Offer
1)        Seller either accepts offer, denies offer, or counteroffers.  If they counteroffer, you negotiate
until you get to a price you both agree with.  During these negotiations, make sure to discuss seller
paid closing costs.  These seller paid closing costs can be up to 6% of the Purchase Price on
certain loans which will cover most or all of your closing costs associated with your loan.

Once you have a signed contract, you provide it to your Mortgage Specialist and they handle the
next few steps which include:

1)        Order Home Inspection
2)        Order Appraisal to be submitted to bank
3)        Have client sign loan disclosures and application
4)        Lock interest rate
5)        Submit your loan into Underwriting for Final Approval
6)        Determine how much you have to come to closing with

What to Expect at Closing
1)        Bring proper identification (Driver’s License, passport, etc)
2)        Bring cashier’s check
3)        The closing usually takes about an hour or so and you will be signing all the
     closing documents to be recorded with county and provided to lender.

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