First time home buyer looking to make purchase (Tampa, Clearwater: for sale, apartment) - Tampa Bay - Florida (FL) -Tampa - St. Petersburg - Clearwater - City-Data Forum

themosthigh · 03-04-2016, 07:51 PM

Recently moved to Tampa and currently renting a room in Downtown Tampa. I love the area but I want my own place and there's no way I can afford an apartment here on my own. It looks like I could get a house elsewhere for less than the cost of a studio downtown.

I was wondering if anyone had any info they could share about being a first time home buyer in Florida. I noticed Hillsborough County isn't offering any down payment assistance. Does the state have its own down payment assistance program? Any tips or things I should know before making the leap? Thinking Westchase is where I would like to be cuz I cant afford to buy in South Tampa and dont want to deal with the traffic coming from New Tampa. Thanks in advance.

KPB · 03-04-2016, 08:04 PM

Florida First Time Homebuyer - How to qualify for special financing/first time home buyer assistance

Where is your job located? The traffic going to and from Westchase is pretty bad during rush hour.

themosthigh · 03-04-2016, 08:16 PM

I do service work and have a company van. Shop is based out of St. Pete but we cover the whole West Coast of Florida.

indytoflgirl · 03-05-2016, 05:47 AM

I can recommend a realtor who is fantastic! She was "given" to us by our relocation company when we moved from Indiana to Tampa almost 8 years ago. So much knowledge and connections to insurance, financing, inspection companies. When our daughter wanted to buy a home (first time buyer), we went to this lady again. It was about this time 3 years ago, Erin and the realtor started looking and in May (less than 2 months), Erin was closing on a home 15 minutes from Clearwater Beach in a non flood area (no flood protection) needed with a first time buyer program with about $1000 down, competitive rate of 3.4. The house was listed at 135 and looking at suggested prices now, it has increased to $155. PM me if you want her info.

indytoflgirl · 03-05-2016, 05:52 AM

Oh, and, she works all over Tampa Bay. We live in Tampa.

KPB · 03-05-2016, 06:00 AM

Quote:

Originally Posted by themosthigh

I do service work and have a company van. Shop is based out of St. Pete but we cover the whole West Coast of Florida.

You probably already know but if your work van is lettered a lot of HOA's don't allow you to park it in your driveway. I'm pretty sure Westchase doesn't allow it but I think Countryway (subdivision next to Westchase) does.

bentlebee · 03-05-2016, 10:58 AM

Pasco County has a first time home buyers program and you need a mortgage company that is common with the program to be able to close on both loans at the same time. Not all mortgage companies work or have experience with these programs.

On top of that if you don't have that much money the lower property taxes may be better for you in Pasco as well as water companies overall have lower fees in Pasco County and these re-occurring fees may be helpful to own a home for the first time with lower income.

EngGirl · 03-06-2016, 09:22 AM

If you cannot save for down payment, you shouldn't buy in the first place. Buying a house associated with expenses other than mortgage payments - PMI, taxes, HOA/CDD fee, insurance. If something goes wrong (fridge stopped working, AC went down, roof started leaking) -> additional expenses and normally people who cannot save for a down payment will find themselves in not so good situation.

LifeIsGood01 · 03-06-2016, 09:39 AM

Quote:

Originally Posted by themosthigh

Recently moved to Tampa and currently renting a room in Downtown Tampa. I love the area but I want my own place and there's no way I can afford an apartment here on my own. It looks like I could get a house elsewhere for less than the cost of a studio downtown.

I was wondering if anyone had any info they could share about being a first time home buyer in Florida. I noticed Hillsborough County isn't offering any down payment assistance. Does the state have its own down payment assistance program? Any tips or things I should know before making the leap? Thinking Westchase is where I would like to be cuz I cant afford to buy in South Tampa and dont want to deal with the traffic coming from New Tampa. Thanks in advance.

I am in the process of buying an older small home in the Fort Myers area. You will need an FHA loan most likely. Avoid those fanny mae/homepath properties, avoid foreclosures. Iberiabank has a bond program that will give you up to $7,500 0% loan that has to be paid back when you sell or refinance the home. Also you can get gift funds for closing costs from a parent or other close relative. They have to sign a letter that it will be a gift and may have to show proof of funds. You have to keep in mind that home insurance is expensive in Florida and you have to factor the taxes and mortgage insurance into your payment. Also the home has to have a decent rood and be in livable condition to get a mortgage unless you get a fixer up loan. Good luck. There are cheap homes for sale in that area, but you have to research the neighborhoods and the condition of the home first.

themosthigh · 03-06-2016, 07:54 PM

Drove through Westchase and Fawn Ridge on Saturday to look at a couple homes but me having a lettered commercial van is apparently going to be an issue like KPB said. Which nice areas can I find a home without a HOA or with an HOA that allows lettered commercial vehicles to be parked in the driveway?

I would also have money to put down and an emergency fund set aside should I buy but if I can get more cash though programs available to me I will take it.