What Every Home Buyer Should Know

Buying a Home? Consider This …

Buying a home requires a lot of research, information and interviewing with a Realtor in the local area where you're purchasing. There will always be questions about what to do and how to go about accomplishing your real estate goals. Below are a few questions and answers to help. We'll update and add questions and answers in this section from time to time so be sure to check back. Feel free to contact Eagle Realty of Southwest Florida now and one of our expert real estate agents will be in touch.

Why should I hire a Realtor® when buying a home?

Real estate purchases are typically the largest financial investment many people make. Whether buying for the first time or selling a family estate, Realtors® take a complex maze of requirements and, with knowledge of the local real estate market, simplify the process. Realtors understand the legal issues involved, and offer professional advice and objective insight. Additionally, Realtors have a complete list of homes for sale in the area, as well as all the information that buyers need. Realtors can also recommend reliable lenders, real estate evaluators and insurers to help the transaction process proceed smoothly.

Does Florida offer any programs for first-time homebuyers?
Florida Housing's First Time Homebuyer Program offers 30-year fixed interest rate mortgage loans to first-time buyers through its network of lenders. This program uses income and purchase price limits to determine eligibility. Additionally a potential homebuyer must complete a six-to-eight-hour homebuyer education class, be able to qualify for a mortgage, and as of July 1, 2011, have a minimum FICO score of 620. Even if you are not a first time homebuyer, you may still be eligible for this program if you are purchasing a home in a federally designated targeted area or are a qualified Veteran. There's also the Florida Homebuyer Opportunity Program, which provides tax credit bridge loans to eligible first-time Florida homebuyers.

Where should I start the homebuying process?

Getting pre-qualified for a loan is a good start. Check with banks, credit unions and mortgage bankers. They will take your application, process the documents, and see the loan through to the final stages.

How much of a down payment will I need?

Requirements for down payments vary depending on the type of loan. There are some down payment assistance programs that you might want to explore. These programs may loan the down payment funds or they may even grant it to you. An Eagle Realty of Southwest Florida Realtor can point you in the right direction for a consultation with a lender in our area.

What about closing costs?

Charges for many of the services related to your closing on the homebuying transaction are known as closing costs. Some of the costs include:

• Escrow fees charged by the company handling the transaction
• Title policy issuance fees
• Mortgage insurance fees
• Homeowners insurance
• County fees
• Loan origination fees