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Florida First Time Homebuyers
Steps on Becoming a First Time Homebuyer in Florida

Part 1: First Time Home Buyers get Prequalified and have your credit analyzed by a Florida
Mortgage Specialist.  

This is a very important step in this market.  Here are some of the questions that Florida First Time Home Buyers get
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 for the
First Time Home buyer loan?  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 Florida 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 First Time Home buyer loan.  
Here is a general guideline for the way that a Florida 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 Florida 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 First Time Home Buyer loan.  Your down payment can be in a savings account,
checking account, 401K, stocks, and can even be a gift.  Your Florida 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 Florida Real Estate Agent
1)        Ask your friends and family
2)        Ask your Mortgage Professional
3)        Internet

Questions to ask a Florida 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 Florida 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 Florida 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 First Time Home buyer 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.
Get Prequalified:
Name:
Email address
Phone number:
Florida First Time
Home Buyers
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More About Florida First Time Home Buyers
First Time Home Buyers: Learn more about Florida

Florida is a state located in the southeastern region of the United States, bordering Alabama to the northwest and Georgia
to the northeast. Much of the land mass of the state is a large peninsula with the Gulf of Mexico to the west and south, and
the Atlantic Ocean to the east. Most of Florida has a humid subtropical climate; southern Florida has a tropical climate.
Florida was named by Juan Ponce de León, who landed on the peninsula on April 2, 1513. Florida is the fourth most
populous state in the U.S.

Archaeological research indicates that Florida had been inhabited for thousands of years before any European
settlements. Of the many indigenous peoples, the largest known were the Ais, the Apalachee, the Calusa, the Timucua
and the Tocobago tribes.

"Florida" is the oldest surviving European place-name in the U.S. Juan Ponce de León, a Spanish conquistador, named
Florida in honor of his discovery of the land on the evening April 2, 1513, six days after Easter and still during Pascua
Florida, a Spanish term for the "Flowery Easter" season, and for the land's appearance as a "flowered land." "It was named
for these two reasons." (Juan Ponce de León may not have been the first European to reach Florida; according to one
report, at least one indigenous tribesman who he encountered in Florida in 1513 spoke Spanish.) From that date forward,
the land became known as "La Florida," although after 1630 Tegesta (after the Tequesta tribe) was throughout the 1700s
an alternate name of choice for the Florida peninsula following publication of a map by the Dutch cartographer Hessel
Gerritsz in Joannes de Laet's History of the New World.


Geography of Florida for the First Time Home Buyer

Much of the state of Florida is situated on a peninsula between the Gulf of Mexico, the Atlantic Ocean, and the Straits of
Florida. It extends to the northwest into a panhandle, extending along the northern Gulf of Mexico. It is bordered on the north
by the states of Georgia and Alabama, and on the west, at the end of the panhandle, by Alabama. It is near several
Caribbean countries, particularly The Bahamas and Cuba. Florida's extensive coastline made it a perceived target during
World War II, so the government built airstrips throughout the state; today, approximately 400 airports are still in service.
According to the National Drug Intelligence Center, Florida has 131 public airports, and more than 700 private airports,
airstrips, heliports, and seaplane bases.Florida is one of the largest states east of the Mississippi River, and only Alaska
and Michigan are larger in water area.

The Florida peninsula is a porous plateau of karst limestone sitting atop bedrock. Extended systems of underwater caves,
sinkholes and springs are found throughout the state and supply most of the water used by residents. The limestone is
topped with sandy soils deposited as ancient beaches over millions of years as global sea levels rose and fell. During the
last glacial period, lower sea levels and a drier climate revealed a much wider peninsula, largely savanna.The Everglades,
an enormously wide, very slow-flowing river encompasses the southern tip of the peninsula.

What type of weather can a Florida First Time Home Buyer expect?

The climate of Florida is tempered somewhat by the fact that no part of the state is very distant from the ocean. North of
lake Okeechobee, the prevalent climate is humid subtropical climate, while south of the lake has a true tropical climate.
During late autumn and winter months, Florida could experience cccasionally cold fronts that can bring high winds and
relatively cooler temperatures for the entire state, with high temperatures that could remain into the 40s and 50s (4 - 15 °C)
and lows of 30s and 40s (0 - 10°C) for few days.

The hottest temperature ever recorded in the Florida was 109 °F (43 °C), set on June 29, 1931 in Monticello. The coldest
was–2 °F (−19 °C), on February 13, 1899, just 25 miles (40 km) away, in Tallahassee. Mean high temperatures for late
July are primarily in the low 90s Fahrenheit (32–35 °C). Mean low temperatures for late January range from the low 40s
Fahrenheit (4–7 °C) in northern Florida to the mid-50s (≈13 °C) in southern Florida.

The seasons in Florida are determined more by precipitation than by temperature, with the hot, wet springs and summers
making up the wet season, and mild to cool, and the relatively dry winters and autumns, making the dry season.

Florida's nickname is the "Sunshine State", but severe weather is a common occurrence in the state. Central Florida is
known as the lightning capital of the United States, as it experiences more lightning strikes than anywhere else in the
country.  

Hurricanes pose a severe threat during hurricane season, which lasts from June 1 to November 30, although some
storms have been known to form out of season. Florida is the most hurricane-prone US state, with subtropical or tropical
water on a lengthy coastline. It is rare for a hurricane season to pass without any impact in the state by at least a tropical
storm. August to October is the most likely period for a hurricane in Florida.



What type of Population can a Florida First Time Home Buyer expect?

Florida has the 4th highest state population in the United States. The center of population of Florida is located in Polk
County, in the town of Lake Wales. As of 2008, Florida's population was estimated to be 18,328,340. The state grew
128,814, or 0.7% from 2007. Using the latest population estimates, Florida is the nation's thirtieth-fastest-growing state.
During Florida's peak growth year of 2005, it was the nation's fifth fastest growing state and grew at an annual rate of 2.2%.


What kind of Economy can a Florida First Time Home Buyer expect?

The Gross Domestic Product (GDP) of Florida in 2007 was $734.5 billion. Its GDP is the fourth largest economy in the
United States. Personal income was $36,665 per capita, ranking 20th in the nation.

Tourism makes up the largest sector of the state economy. Warm weather and hundreds of miles of beaches attract about
60 million visitors to the state every year. Amusement parks, especially in the Orlando area, make up a significant portion
of tourism. The Walt Disney World Resort is the largest vacation resort in the world, consisting of four theme parks and
more than 20 hotels in Lake Buena Vista, Florida; it, and Universal Orlando Resort, Busch Gardens, SeaWorld, and other
major parks drive state tourism. Many beach towns are also popular tourist destinations, particularly in the winter months.

The second largest industry is agriculture. Citrus fruit, especially oranges, are a major part of the economy, and Florida
produces the majority of citrus fruit grown in the U.S. – in 2006 67 percent of all citrus, 74 percent of oranges, 58 percent of
tangerines, and 54 percent of grapefruit.

Phosphate mining, concentrated in the Bone Valley, is the state's third-largest industry. The state produces about 75
percent of the phosphate required by farmers in the United States and 25 percent of the world supply, with about 95
percent used for agriculture (90 percent for fertilizer and 5 percent for livestock feed supplements) and 5 percent used for
other products. Since the arrival of the NASA Merritt Island launch sites on Cape Canaveral (most notably Kennedy Space
Center) in 1962, Florida has developed a sizable aerospace industry.

The state was one of the few states to not have a state minimum wage law until 2004, when voters passed a constitutional
amendment establishing a state minimum wage and (unique among minimum wage laws) mandating that it be adjusted
for inflation every six months. Currently, the minimum wage in the state of Florida is $7.21 as of January 1, 2009.

Historically, Florida's economy was based upon cattle farming and agriculture (especially sugarcane, citrus, tomatoes,
and strawberries). In the early 1900, land speculators discovered Florida, and businessmen such as Henry Plant and
Henry Flagler developed railroad systems, which led people to move in, drawn by the weather and local economies. From
then on, tourism boomed, fueling a cycle of development that overwhelmed a great deal of farmland.


What major Sports teams are located in Florida for First Time Home Buyers?

Most Major League Baseball's spring training, and nearly 2/3 of all MLB teams have a spring training presence in the state.
Yet Florida did not have a permanent major-league-level professional sports team until the American Football League
added the Miami Dolphins in 1966. The state now has three NFL teams, two MLB teams, two NBA teams, and two NHL
teams. Two of the Arena Football League's teams are in Florida.

Golf, tennis, and auto racing are popular. Minor league baseball, football, basketball, ice hockey, soccer and indoor football
teams are based in Florida. Florida's universities have a number of collegiate sport teams.

The Florida Sports teams include:

Miami Dolphins, Miami Heat, Florida Marlins, Miami FC, Tampa Bay Buccaneers, Tampa Bay Rays,
Tampa Bay Lightning, Tamba Bay Storm, Orlando Magic, Orlando Predators, and Jacksonville Jaguars.


Are there any Environmental Issues that a First Time Home Buyer should know about?


Florida ranks forty-fifth in total energy consumption per capita, despite the heavy reliance on air conditioners and pool
pumps. This includes coal, natural gas, petroleum, and retail electricity sales. It is estimated that approximately 4% of
energy in the state is generated through renewable resources. Florida's energy production is 6 percent of the nation's total
energy output, while total production of pollutants is lower, with figures of 5.6 percent for nitrogen oxide, 5.1 percent for
carbon dioxide, and 3.5 percent for sulfur dioxide.

It is believed that significant energy resources are located off of Florida's western coast in the Gulf of Mexico, but that region
has been closed to exploration since 1981. Governor Charlie Crist and both of Florida's U.S. Senators, Bill Nelson and Mel
Martinez, oppose offshore drilling and exploration. Former Governor Jeb Bush, who was originally opposed to all drilling,
changed his position in 2005 when he supported a bill introduced into the House of Representatives which allowed
unrestricted drilling 125 miles (201 km) or more from the coast.[43] Crist, Martinez and Nelson opposed that bill, but
Martinez and Nelson voted for a Senate alternative which prohibited drilling within 125 miles (201 km) of the Panhandle
coast, and 235 miles (378 km) of the peninsular coast.

In July 2007, Florida Governor Charlie Crist announced plans to sign executive orders that would impose strict new air-
pollution standards in the state, with aims to reduce greenhouse gas emissions by 80 percent of 1990 levels by 2050.
Crist's orders would set new emissions targets for power companies, automobiles and trucks, and toughen conservation
goals for state agencies and require state-owned vehicles to use alternative fuels.

Red tide has also been an issue on the Southwest coast of Florida. While there has been a great deal of conjecture over
the cause of the toxic algae bloom, there is no evidence that it is being caused by pollution or that there has been an
increase in the duration or frequency of red tides.

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First Time Home Buyer Questions
Answered here.....

Question:  Can I purchase a home
if I have had a Bankruptcy in the
past 5 years?

Answer:  The answer depends on
exactly how long it has been since
the Bankruptcy where you would
qualify or not.  Some programs
require a 2 year time frame to pass
before qualifying for a First Time
Home Buyer loan while others
require up to 5 years time.  Contact
us today to speak to a Mortgage
Specialist to see if you qualify by
clicking here.
First Time Home Buyer
Questions Answered here.....

Question:  Can I purchase a
home with little money down?

Answer:  First Time Home Buyers
have an opportunity to purchase
their very first home with as little
of a down payment as 3.5%.  
Contact us today to find out HOW
by clicking here.
First Time Home Buyer Questions
Answered here.....

Question:  I was unemployed for 2
months last year but am now
working in the same line of work for
another company.  Is that job gap
going to prevent me from buying a
home?

Answer:  In most cases, the 2
month gap of Employment will not
prevent you from purchasing your
First home.  Every program is
different but generally speaking,
the First Time Home Buyer loan
would not penalize you. It is
important to note that you must
now be employed in order to qualify
with at least 30 days of income with
your new employer.  Contact us
today to speak to a Mortgage
Specialist to see if you qualify by
clicking here.