Home Buying in 33160>Question Details

Sandra, Home Buyer in Fort Myers, FL

what are the requirements to buy a home for the first time?

Asked by Sandra, Fort Myers, FL Sun Feb 27, 2011

Help the community by answering this question:


There are no secrets here, you must be simply ABLE and WILLING . If you are not cash buyer, you will have to verify first if you can qualify for a loan. If you qualify, then you can start your search with a qualified agent who will guide you through the process and protect your interests. If you are cash buyer, then you can start right away ! Do not forget to use an agent who will negotiate and work for your best interests.
2 votes Thank Flag Link Mon Jul 23, 2012
Hi Sandra, the first one is find the property you like and you are really willing to pay and handle.
2nd depend if you are a CASH buyer or you are buying by a Mortgage.
You can contact me for more details.

Have a good day, will be a pleasure work together.
2 votes Thank Flag Link Mon Feb 28, 2011
Hi Sandra,

As others have said, your best bet would be to discuss your options with a mortgage consultant - as opposed to a Realtor - that services your area. Friends and relatives is usually the best place to start. Ask them if they know anybody that can recommend. Ideally somebody they have worked with in the past. Other than that, I have had nothing but positive experiences with Wells Fargo Bank (Wachovia in Florida).

Best of luck,

Ramon (Ray) Borroto, P.A.
REALTOR, CRS, Certified REO Specialist
Optimar International Realty, Inc.
Ph: 786-487-7062
Email: ray.borrotto@gmail.com
Web: http://www.besthomesmiami.com
1 vote Thank Flag Link Mon Feb 28, 2011
Hi Again Sandra,

If you would like to pre-qualify today you may do so at: http://www.premiermortgagestore.com and double click on "apply for home loan" box.

You absolutely need to fulfill certain requirements before getting an approval on a loan whether you are a first time home buyer or not!! Obviously if you're a cash buyer paying full purchase price no requirements are necessary.

Please know there is simply no way around that process!! LOL --
1 vote Thank Flag Link Mon Feb 28, 2011
Hi Sandra,

There are many factors to consider as a first time home buyer. Here is some basic information to start with:

CREDIT - Know your credit score; this criteria is taken into consideration on what type of loan you can qualify for (i.e. the down payment requirements, FHA, Conventional, Subprime,etc.)
INCOME - How much do you make? Do you have a spouse? Are they purchasing with you? How much you make will be the factor in deciding how much you will qualify for a loan.
DEBT - How much do you owe? Depending on how much debt you owe as balanced against what your income is will also determine your qualification for approval on a loan.
ARE YOU A VETERAN? - Are you or your spouse a veteran? Find your DD214 and see if you qualify for a VA loan.
DOCUMENTS NEEDED: Two years tax returns, last two weeks pay stubs or Profit & Loss Statement if self-employed, two months checking account information, and apply for a loan on a Residential Uniform Application 1003.

I am a Licensed Loan Originator and will be happy to take your application and see what you may qualify for!

Best Always,

Gina Guarnieri, LLO
1 vote Thank Flag Link Mon Feb 28, 2011
Hi Sandra,

If you would like to qualify for a "first time homebuyer" program like the florida Bond program that can give you up to $10k to buy a property, contact: http://www.kristineBredeau.com and she can give you all of the details.

Otherwise you will need at least 3.5% of the sale price for your downpayment. You can borrow the money from a family member if you do not have the money saved. There are also programs for non-owner occupant co-borrowers under FHA that would allow you to purchase with a family member who is willing to help you qualify if your income is not high enough.

Good luck!
1 vote Thank Flag Link Mon Feb 28, 2011
You should talk to a lender to get an idea how much you can afford and go from there. Then you can start considering neighborhoods, size of the new home (number of bedrooms, bathrooms, etc), floor plan, etc through the help of a buyer's agent. The buyers agent is there to help you along the way in your home buying process, answer any questions and help give you guidance, so if you don't have an agent, talk to friends, family, co-workers to see if they have used and liked any agent.

Good luck!
1 vote Thank Flag Link Mon Feb 28, 2011
If you want to buy a house for 300000 how much can be your down deposit
Flag Thu Jun 16, 2016
Hello Sandra,

Thank you for your home buying inquiry. Whether purchasing your first home, which often establishes the foundation for future home purchases, to the purchase of the home where you'll spend senior years, there are definite pitfalls to avoid and suggested steps to take to assist one in making the right decisions. Securing financing will be your most important action in the very beginning stages and should undoubtedly be your first move even before viewing homes.

Employing the services of a knowledgeable real estate agent makes great sense, since navigating through the home purchase process is both complex and fraught with cautions. However, as the buyer, you should have your own Realtor who will be fully committed to representing your best interests.

Miami Best Real Estate Team has a home buyer's guide to get you get started and answer some very important questions you may have regarding your home purchase. To receive a free copy, send us an email to Info@OnePlaceOpenHouse.com. Or visit our website http://www.OnePlaceOpenHouse.com and join our mailing list.

1 vote Thank Flag Link Mon Feb 28, 2011
A first-time homebuyer is an individual who meets any one of the following criteria:

An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers.
A single parent who has only owned with a former spouse while married.
An individual who is a displaced homemaker and has only owned with a spouse.
An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
An individual who has only owned a property that was not in compliance with State, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
1 vote Thank Flag Link Sun Feb 27, 2011
If you apply for a financing, you should have a pre-approval letter. If paying cash, proof of funds. These requirements are basically for every buyer, not only for first-time home buyers.
Good luck!
1 vote Thank Flag Link Sun Feb 27, 2011
Hello Sandra,

To be a 1st time home buyer, you either have to be buying a home for the 1st time, or you have to be a person who hadn't own a real estate property for the past 3 years.

There are programs geared towards 1st time home buyers. In Miami Dade it's Infill program, Neighborhood stabilization programs, MMAP (Miami Metro Action Plan) etc.
There are training courses for 1st time home buyers - that prepare for the ownership.

Each program has it's own set of rules - so it's best to choose an experienced realtor to guide you through. It makes sense to start preparing for the purchase ahead of time - and it sounds like that's what you are doing!

Best of luck and hope this helps,

Beachfront Realty, Inc.
0 votes Thank Flag Link Tue Aug 7, 2012
Good Day Sandra:

If you can breathe and sign your name, or the name of a
Company, LLLC, Ltd., Trust, etc.


The requirements are a sincere interest in owning your own
home and being able to find that perfect place for you.

There are MANY superb neighborhoods in the 33160 zip code.

For instance; the southern part of Aventura, Eastern Shores, Miami Gardens, Snake Creek, and a few more ... visit one of the agents websites to get a grasp on what you want and where you want it.

http://goo.gl/JUl3W Fan Us
0 votes Thank Flag Link Mon Feb 28, 2011
Hello Sandra,

there are really no requirements to buy your "first" home. I would recommend, that you get a pre-approval letter from a lender, which states, how much home you can afford.
It would be my pleasure guiding you through the entire mortgage loan application process and share with you tons of useful information for "first-time-homebuyers".

With the pre-approval letter in you hand, I would like to refer you to a Real Estate Professional who services the Fort Myers area. I am doing business with Alexandra Fischer (Del Prado Realty, LLC) and I can HIGHLY recommend her. Please contact Alexandra directly at 239-298-9264 or alex@floridacapecoralrealestate.com

Best Regards,
Beate Rodriguez
Lic. Loan Originator
0 votes Thank Flag Link Mon Feb 28, 2011

First figure out how much you can afford. Down payment, monthly expenses.
Do some research online, See which area or section of town you'd like to be in. Find a good Realtor, who you feel comfortable with, someone who gets what you want and take it from there.
Your first home is a Huge Deal. Enjoy the process.
If you don't know a Realtor, find someone who can refer you to one or call me, I can help.
Good Luck!

Genevieve Ramachandran
Thomas Ryan Associates, Inc
0 votes Thank Flag Link Mon Feb 28, 2011
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