First-Time Home Buyer

---

Buying your first home is exciting, but it can also feel overwhelming. The good news is that with the right guidance and loan program, homeownership may be more achievable than you think.

At Florida Summit Mortgage, we help first-time home buyers throughout Central Florida understand their options and navigate the mortgage process with confidence.

You may qualify as a first-time home buyer if:

• You've never owned a home 
• You haven't owned a home in the last three years 
• You're purchasing a primary residence 

Many first-time home buyer programs offer benefits such as lower down payments, flexible credit requirements, and down payment assistance.

Before shopping for homes, it's important to understand what monthly payment fits comfortably within your budget.

Factors that impact your buying power include:

• Income 
• Credit score 
• Existing debts 
• Down payment amount 
• Property taxes and insurance 

A mortgage pre-approval can help you determine a realistic price range before you begin your home search.

A mortgage pre-approval is one of the most important steps in the home-buying process.

During pre-approval, your lender will review:

• Income 
• Employment history 
• Assets 
• Credit history 
• Debt obligations 

A pre-approval letter shows sellers you're a serious buyer and helps strengthen your offer when you find the right home.

FHA loans are popular among first-time buyers because they often allow:

• Credit scores as low as 580 
• Down payments as low as 3.5% 
• Flexible qualification guidelines 

Many conventional loan programs offer:

• Down payments as low as 3% 
• Reduced mortgage insurance options 
• Competitive interest rates 

Eligible veterans and active-duty military members may qualify for:

• No down payment 
• No monthly mortgage insurance 
• Flexible qualification requirements 

Certain rural and suburban areas qualify for USDA financing, which may offer:

• No down payment 
• Competitive interest rates 
• Affordable monthly payments 

Once pre-approved, you'll work with a real estate agent to find a home that meets your needs and budget.

When comparing homes, consider:

• Monthly payment 
• Location 
• Property taxes 
• Homeowners insurance 
• Future resale value 

After your offer is accepted, your loan moves into processing and underwriting.

This includes:

• Verification of income and assets 
• Home appraisal 
• Review of supporting documentation 
• Final loan approval 

Our team works closely with you throughout the process to keep everything moving smoothly.

At closing, you'll:

• Sign your final loan documents 
• Pay any remaining closing costs 
• Receive the keys to your new home 

Congratulations—you are officially a homeowner!