AboutStephanie Frost Expertise I can answer any general questions about the buying and selling process in the state of Florida such as:
How to market your home
Why choose a REALTOR?
How do I find a REALTOR?
Questions from first time buyers
Should I consider buying or selling without a REALTOR?
Helpful tips for home sellers
Helpful tips for home buyers
Tips for home sellers selling without a real estate agent(For Sale By Owner)
Questions about the Florida real estate market
Questions about horse specific properties such as farms, equestrian complexes, etc.
Experience I am a licensed Realtor in the state of Florida. I specialize in residential and equestrian properties.
Organizations National Asociation Of Realtors
Florida Association Of Realtors
Expert: Stephanie Frost Date: 5/4/2008 Subject: First time homebuyer
Question I live in Lakeland Florida and currently rent a 3 bedroom apartment for $950.00 a month. My fiance and I are expecting and we intend to either rent a 4 bedroom home or buy one in January. Looking at homebuying on the Internet we have found that it is harder than it would seem to qualify. I make $17 an hour and she makes $14 an hour. We only have $5000 to put down. We feel like we can afford $1300 a month. The information I am seeing is that a home in my area with 4 bedrooms would be $200,000. The payment would be $1500 a month. This is outside our range. It appears to be this high because of our low down payment. Is there a way to secure a loan with credit that is in the 670 range and secure a payment of $1300 a month? Any advise you can give would be appreciated.
Answer Roy,
Congratulations on the upcoming addition to your family! Since the housing downtown, lenders have gotten far more strict with their lending standards, but loans are still available out there for first time homebuyers. And with interest rates so low, this is an ideal time to buy. But how much your payment will be is dependent on what interest rate you qualify for, the length of your loan,and how much you put down. There are several good loan programs still available for first time homebuyers with limited funds for a downpayment. I suggest that you contact a good local lender or mortgage broker and get preapproved for a loan, so that you'll know exactly where you stand, and then contact a Realtor to find you a home that is within your budget.
Good Luck,
Stephanie Frost
www.StephanieSellsOcala.com
