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Getting Pre Approved for New Home in Florida



Interest rates are super low, Florida housing inventory is high and home builders are anxious to sell their brand new FL homes.  But how do you get pre approved for a new home in Florida? Is it any different than buying an existing home or are there are other considerations that you need to take into account?

Let’s face it: there’s something appealing about a brand new home.  The paint is new, the flooring has never been walked upon and the kitchen appliances are gleaming with their sparkling stainless steel designs.  But most of all, no one has ever, will ever have lived in that home except for you!

New developments are also keen on home buyer trends and offer the latest in new home amenities such as being pre-wired for the internet, the latest in appliances and fashionable kitchens and living areas.  New homes may also have access to brand new aquatic centers, parks and walking trails that decorate these new Florida developments.

Is there something special about buying a brand new Florida home?  While getting pre approved to buy a new home is essentially the same as buying any other type of Florida property there are some things to take into consideration.

First, as a new home buyer, you get to choose various designs such as kitchen arrangements, flooring types and even perhaps a swimming pool. Second, builders can also build “spec,” an industry term for “speculative” which means the home is already built and awaiting a new home buyer.  Are you looking for a retirement home?  Or maybe a second vacation home with all the perks?  Buying a new home offers choices not often found in older, established neighborhoods.

Other than that, the pre approval process for a new Florida home is really no different than any other.  You’ll need to speak with a loan officer who will discuss your requirements, your goals and what you expect out of the home buying process.

Your loan officer will issue a pre approval letter after he’s reviewed your loan application and credit report.  Most loan applications are completed securely online, so you can complete the application process at your leisure or if you feel more comfortable completing the application with some assistance, your loan officer will be more than happy to meet with you at your time and your location.

Your pre approval letter will state that you have applied for a mortgage, your credit has been reviewed and your income and assets have met the pre approval requirements.  Note however, that you a pre approval letter does not become an “approval” letter until after a home has been selected and you’ve fully documented your loan application with such things as bank statements, income tax returns and pay check stubs to name a few.  Your loan officer will provide you with a complete list of required documentation that you’ll need to provide.

Buying a brand new Florida home can be an exhilarating experience and getting your loan pre approval is one of the first steps you’ll need to take.  And after you’ve received your pre approval all you need to do next is find that perfect home! Questions about any of the loan programs in Florida? Stop by and visit www.fivestarsmortgage.com 

 
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