Tips & Tools for First Time Home Buyers in Today’s Market

In spite of rising interest rates and tight inventory, first time home buyers do have some options here in northeast Florida.

Being a first-time home buyer can be challenging no matter what the circumstances. But in today’s market–rising interest rates, tight inventory & uncertainty about the economy–finding a home you like and that you can afford can be a challenge. Fortunately, there are a few things you can do to make the process a little easier.

Take Advantage of Year-End Builder Incentives
Here in northeast Florida, we’re fortunate to have quite bit of new construction. And as the 4th quarter rolls around, builders are looking to close out the fiscal year on a high note, which can mean some solid incentives for you.

Just a few of the options that may be available:

$10-$25k in Flex Cash – Use towards closing costs, home/design center upgrades, lot premium, etc.

Rate Buy Downs – With interest rates above 7%, some builders are offering rate buy down programs that allow you to secure a lower rate. The programs can be one-time buy downs, or a 2/1 program with means the rate may fluctuate with time. Make sure you understand the program before committing.

You might also look at a town home to start. Some communities to look at:

Other things to consider:

Assumable Loans – If you’re looking at an existing home, find out if the seller has an assumable loan at a more favorable rate. These are most commonly FHA or VA loans, and if you can make it work, assuming an FHA or VA loan at a lower rate can save you quite a bit in the long run.

Build Your Credit Score – The better your credit score, the better mortgage rate you’ll typically get. So it makes sense to do what you can to increase your score. Take a look at what credit reporting agency Experian says about building your score. And here’s a tip from a financial planner to help you reach your goal.

If you’re a first-time home buyer ready to explore your options, drop us a line below. We’re ready to help you sort through your options and find your way home.