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How to save money on the purchase of your NEW home?

Have you imagined that finally that moment comes when you can enjoy your new house, that you can move to a neighborhood that has everything you need and that you can finally live in the environment that you have longed for so long?

Surely, buying a house is one of the most common dreams and today we are going to tell you why a mortgage calculator is one of the tools you need to fulfill your dream.

But before reaching that magical moment of enjoyment, you have to make a series of strategic movements that will lead you to reach that goal.

Calm Calm! These strategic movements are not at all complicated, in fact, it is suggested that you have already considered them, the important thing is that you execute them in the correct way to avoid some problems that may cost you some extra money and the occasional gray hair in your head…

 

The first and although somewhat obvious, is to know if we have saved enough to qualify for a mortgage, since financial institutions always take our savings into account to determine if we are viable to receive a loan. If you no longer spend your money on nonsense and have managed to save what you need, you can start to stop worrying, you already have half the way traveled and your life from that moment, begins to change.

The next thing is to know your finances very well, and for that you must have income and know how to manage them. If you have a job, a pension or a business, and your expenses allow you to allocate a fair proportion to the monthly payment of your mortgage, including PMI, insurance and taxes, then you are on the other side!

 

With that, you practically have a new house and with it, everything you wanted, a great neighborhood, more family space, a luxury kitchen, modern design, stunning interior design, energy efficiency, savings, and above all, you will help to take care of the environment. atmosphere because the safest thing is that at this point, you have already fallen in love with one of our E-homes.

So, moving on to one of the most interesting points, you should know that fortunately there are many assistance programs to buy a new house, some of them are federal programs and others are local programs from each state. Here you will know those that have been created by the Federal Government and those that have been designed for the residents of the State of Florida.

Federal Assistance Programs.

  • FHA Loan Program: This program is a great option for new or relatively low-income home buyers. You only need a credit score of 580 or higher to get approved with a down payment of 3.5%. If your credit score is lower, in the range of 500-579, you can still get approval if your down payment is 10%. You will need to work with an FHA approved lender.
 
  • Homeowner Voucher Program: Also for new and low-income buyers. Must meet HUD requirements for eligibility. Must be a first time home buyer. You must meet the minimum income requirements for the program. Your home must include at least one adult who has worked full time for at least one year. You must complete a housing and homeownership counseling program.
 
  • VA Home Loan Program: The Department of Veterans Affairs (VA) administers this program for veterans of the US Army These loans are issued by private lenders such as banks and mortgage companies, but the VA guarantees a portion of the loan. You don’t need a down payment and you don’t need to pay for private mortgage insurance. 
 

The home must be occupied by a veteran or surviving spouse of a service member. The home buyer must have a satisfactory credit, sufficient income, and a valid Certificate of Eligibility (COE), confirming their veteran status.

 

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Assistance Programs in the State of Florida:

  • First-time buyer program: Buyers can get a 30-year fixed-rate mortgage with favorable terms. To be eligible, applicants must meet a credit score and income threshold.
 
  • HFA Preferred Grants: Offers a non-refundable grant equal to 3% or 4% of the home purchase price, which can be used for down payment or closing costs.
 
  • Mortgage Credit Certificate Program: Reduces taxes by up to 50% of the mortgage interest paid by the borrower. Applicants must be a first-time home buyer and meet the purchase price and income thresholds.
 
  • Military Loan Program “Salute Our Soldiers”: Offers military and military service veterans lower interest rates and down payment assistance throughout the state of Florida. Down payment assistance and closing costs are available up to $7,500.
 

So, we go back to the beginning, at this point we give you the tool you need to fulfill your dream, with it, your movements will be truly strategic and organized, you will have a plan, order and much more certainty about your financial capacity. This tool is the free mortgage loan calculator!

Use it and contact us when you are ready to buy a new home in Port Charlotte!

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