Chris Luis, My Favorite Mortgage Broker 
"I work for you, not the banks." 
NMLS 888571

CLuisMortgages. LLC             
MBR 1575, NMLS 1159714                                       
t: 941-219-4381
f: 800.718.1862
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Mortgages – for First Time Home buyers

  • Being a first time homebuyer can be a challenge with so many rules and terms. But if you have average credit and 2 years of income, you can qualify for a mortgage. And, real estate and mortgage professionals are there to help you each step of the way.

  • The Realtors fees get paid by the seller, not you.

  • FHA Mortgages are the most common loans. It requires a lower credit score or it allows you to buy a larger home.

  • Down payments can be as low as $0 for FHA loan - usually it is 3.5%, and 1% for a conventional loan if your credit is above 700, or 3% if under. 0% for VA or USDA. 

  • The seller and the lender combined can cover all your closing costs.

  • You do not need perfect or excellent credit, you just can’t have terrible credit. Many lenders provide mortgages to homebuyers with scores as low as 580. 

  • You can get a gift from a family member to help you with the down payment.

  • Your realtor, loan officer and other experienced professionals will guide you.

  • The real estate and mortgage industry cater to 1st Time Homebuyers. One in 3 loan application is for a 1st time buyer.

  • Student loan debt is biggest problem for 1st Time Buyers. This lowers how much they can buy. Co borrowers, such as a spouse or family member can get them the home they want.

  •  Process is the same for 1st Time Homebuyers. Credit pulled, income verified, pre-approval by loan officer, and work with experienced realtor to find home.  

  • Extra: The state of Florida offers down payment help for first time homebuyers. These programs are either under Florida Bond or under the State Housing Initiative Program. Offered by local counties, a small per cent of homebuyers qualify. Income or housing price limits eliminate many. 

  • For a free, no obligation and no pressure review on what you need for a First Time Homebuyer Program, write me. 

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