Why Buy a Home?
There are significant advantages to buying a home instead of renting, including:
* Building Equity
* Stability
* Tax Advantages
* Having Something that is Yours!
* Building Equity
* Stability
* Tax Advantages
* Having Something that is Yours!
Home Ownership is Obtainable
Down Payment Assistance, Tax Credits and other benefits may be available to those considered "First Time Home Buyers."
Who Is a First Time Home Buyer?
|
It is not limited to someone who has never purchased a home before! A First Time Home Buyer is someone who has not owned a property in the last 3 years, but also may include:
|
Is Renting Actually Cheaper than Buying?
In many situations your mortgage may be the same as or close to what you are paying currently for rent. But when you take into consideration the mortgage interest tax deductions available, homeownership is usually less expensive than renting.
Here is an example:
According to Stellar MLS, the average monthly rent of a single family 3 Bedroom Home in Charlotte County in March of 2024 was $2393
The average purchase price of a similar 3 bedroom home in Charlotte County March 2024 was $325,000. The estimated mortgage on the purchase of a home for $325,000 at 7.5% interest is approximately $2275 a month.
WE WORK WITH MORTGAGE BROKERS WHO SPECIALIZE IN FIRST TIME HOME BUYERS
Here is an example:
According to Stellar MLS, the average monthly rent of a single family 3 Bedroom Home in Charlotte County in March of 2024 was $2393
The average purchase price of a similar 3 bedroom home in Charlotte County March 2024 was $325,000. The estimated mortgage on the purchase of a home for $325,000 at 7.5% interest is approximately $2275 a month.
WE WORK WITH MORTGAGE BROKERS WHO SPECIALIZE IN FIRST TIME HOME BUYERS
Tax Advantages of Home Ownership
Purchasing a home may also offer tax advantages.
According to the IRS:
Homeowner can deduct, state and local real estate taxes, subject to the $10,000 limit, home mortgage interest, within the allowed limits
and mortgage insurance premiums.
On a $325,000 loan at 7.5% this could be up to $24,273 the first year.
According to the IRS:
Homeowner can deduct, state and local real estate taxes, subject to the $10,000 limit, home mortgage interest, within the allowed limits
and mortgage insurance premiums.
On a $325,000 loan at 7.5% this could be up to $24,273 the first year.
I Do Not Have the Down Payment to Buy a Home
Many loans require small down payments or even no down payment.
You may Qualify for:
Even if your loan requires a down payment, you still may qualify for a program to assist you with your down payment. Here are the most common ones:
Florida Housing offers down payment and closing cost assistance to assist eligible homebuyers with their down payment and closing costs. Florida Housing offers the following Down Payment Assistance Programs to eligible buyers. This 2nd mortgage program offers up to $10,000 on FHA, VA, USDA and Conventional Loans
The Florida Homeownership Loan Program (FL HLP) Second Mortgage
This program offers up to $10,000, with a 3% fully-amortizing second mortgage and a 15 year terms.
Florida Hometown Heroes Housing Program
The Florida Hometown Heroes Housing Program makes homeownership affordable for eligible frontline community workers such as law enforcement officers, firefighters, educators, healthcare professionals, childcare employees, and active military or veterans.
You may Qualify for:
- A low or no down payment loan. FHA and USDA loans require a 3.5 or 3% down payment - this is usually less than a security deposit on a rental home.
- With a qualifying VA loan you can put 0% down!
- Some loans allow the family or seller contributions to help with the down payment.
Even if your loan requires a down payment, you still may qualify for a program to assist you with your down payment. Here are the most common ones:
Florida Housing offers down payment and closing cost assistance to assist eligible homebuyers with their down payment and closing costs. Florida Housing offers the following Down Payment Assistance Programs to eligible buyers. This 2nd mortgage program offers up to $10,000 on FHA, VA, USDA and Conventional Loans
The Florida Homeownership Loan Program (FL HLP) Second Mortgage
This program offers up to $10,000, with a 3% fully-amortizing second mortgage and a 15 year terms.
Florida Hometown Heroes Housing Program
The Florida Hometown Heroes Housing Program makes homeownership affordable for eligible frontline community workers such as law enforcement officers, firefighters, educators, healthcare professionals, childcare employees, and active military or veterans.
Want More Information or Not Sure Where to Start
We are experienced Realtors with years of experiences. We have helped many first time home buyers find their first home. We will walk you through every step of the process from financing, shopping for a home, inspections, moving in and so much more! We can help you. Please fill out the request card below.