Thinking about buying your first home in Florida ? Knowing the basics is the best first step towards homeownership. Consider the following three areas, as they could dramatically affect your FL mortgage program options and corresponding interest rate. These areas are credit history, stable income and savings.

  • When was the last time you reviewed your own credit report history? You should know already know where you stand by contacting all 3 credit bureaus, Experian, Transunion and Equifax. The Federal Trade Commission authorizes www.annualcreditreport.com as the only source for your free annual credit report. A healthy credit history may improve your chances of obtaining favorable mortgage program options with lower interest rates.
  • Stability of income can make the difference when determining mortgage risk. Long term employment, or a history in the same line of work, may offset other issues regarding a mortgage approval. If you are self employed, a minimum 2 year history evidenced with 2 years of tax returns is a great start.
  • And finally, save your money. It is a pleasure to talk to many first time home buyers who took time to save while searching for their dream home. There are mortgage programs available with no down payment, but what about closing costs? Also, the more money you have saved, the better opportunity you have for a loan approval.

Be prepared for your exciting new home venture.  Home ownership can be wonderful. Just make sure you recognize that credit, stable income and savings play a big part of your overall FL mortgage financial success. When in doubt or have questions, feel free to call 407.733.6425 or email Stephen Thaggard.

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  485 N Keller Road, Suite 550, Maitland, FL 32751