How to Buy a House in Florida?
OUR COMPREHENSIVE GUIDE TO HOW TO BUY A HOUSE IN FLORIDA WILL WALK YOU THROUGH THE PROCESS OF PURCHASING A HOME, STEP BY STEP. LEARN EVERYTHING THERE IS TO KNOW ABOUT HOW TO BUY A PROPERTY IN THE SUNSHINE STATE!
Buying a home is one of the most stressful and tricky scenarios to navigate for first-time homebuyers. However, knowing the steps to buy a house in Florida will go a long way toward boosting your confidence and making sure you aren’t taken advantage of by any sketchy sellers. Want to know how to buy a home in Florida without making a mistake? Read on for a step-by-step guide.
STEPS TO BUYING A HOUSE IN FLORIDA
Buying a house in Florida can broadly be broken down into eight major steps, from figuring out your finances to closing on the house.
STEP ONE: DETERMINE YOUR FINANCES
It’s common sense that you need to fully understand your budget and financial situation before you buy a home in Florida. This isn’t unique to Florida, either – it’s just a fact of making a purchase as big as a new house!
Specifically, you should consider your:
- Credit score- Chances are you’ll need a credit score of at least 620 to get a conventional mortgage loan. Higher is obviously better.
- Down payment- Determine how much money you can spend upfront on the house. For most loans, you’ll need a down payment of anywhere between 10% and 20%.
- Closing costs- These are the final costs and fees associated with buying a new home. Closing costs for buyers in Florida can end up totaling between 2% to 5% of the total costs. So a $200,000 home would be between $4000 and $10,000.
- Extra homeownership costs- These are also known as maintenance costs, and you can estimate them to be about 1% of the home’s total worth each year, at least at first.
Buying a home is one of the most stressful and tricky scenarios to navigate for first-time homebuyers. However, knowing the steps to buy a house in Florida will go a long way toward boosting your confidence and making sure you aren’t taken advantage of by any sketchy sellers. Want to know how to buy a home in Florida without making a mistake? Read on for a step-by-step guide.
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