Buying your first home can feel overwhelming, but with the right guidance and preparation, the path to homeownership becomes much clearer. Recently, Tony, EVP and President of Amerant Mortgage, shared valuable insights on 10 Tampa Bay’s Great Day Live about what first-time home buyers need to know before taking this important step.
Understanding the True Cost of Homeownership
One of the biggest mistakes first-time home buyers make is focusing solely on the monthly mortgage payment. Tony, who has been working with first-time home buyers for 28 years, emphasizes a crucial point:
“It’s not just about the mortgage payment. We try to get through to clients all of the expenses that go along with homeownership, including HOA dues, repairs, and unexpected circumstances that may come up with home ownership.”
Hidden Costs Every First-Time Home Buyer Should Consider
When budgeting for your new home, factor in these additional expenses:
- Homeowners Association (HOA) dues
- Regular maintenance and repairs
- Property taxes and insurance
- Utility costs
- Emergency home repairs
- Landscaping and seasonal maintenance
Down Payment Assistance Programs: Making Homeownership Accessible
Many first-time home buyers assume they need a large down payment, but numerous assistance programs can help bridge this gap.
Available Down Payment Assistance Options
State and Local Programs:
- Florida state down payment assistance programs
- Local municipality assistance programs
- County-specific first-time buyer incentives
Amerant Mortgage Financial Assistance:
- Up to $17,500 for first-time home buyers
- Up to $20,000 for essential workers including:
- First responders
- Firefighters
- Law enforcement officers
- Military personnel
- Teachers
“Amerant Mortgage has products that can help, but also down payment assistance programs are available through the state of Florida, as well as through local municipalities,” Tony explains.
Credit Score Strategies for First-Time Home Buyers
Your credit score doesn’t have to be perfect to qualify for a mortgage. Amerant Mortgage takes a comprehensive approach to evaluating potential homeowners.
Don’t Let Your Credit Score Hold You Back
Tony offers encouraging advice for those worried about their credit:
“Don’t get stuck if you have a 580 or 616. Reach out to us, and we can talk to you about what options you have and how we can help you get where you need to be.”
Steps to Improve Your Credit Score
- Get Your Free Credit Report: Download your credit report to understand what’s affecting your score
- Identify Problem Areas: Review the report for errors or areas needing improvement
- Work with Mortgage Professionals: Amerant Mortgage provides tools and resources to model credit improvement scenarios
- Create a Credit Improvement Plan: Focus on specific actions that will have the biggest impact
The Amerant Mortgage Advantage: Three Key Benefits
1. Comprehensive Banking Services
As part of Amerant Bank, customers gain access to:
- Deposit products and savings plans
- Local branch support
- Integrated financial planning services
2. Loan Path Technology
This innovative tool helps first-time home buyers prepare by providing:
- Credit education resources
- Credit score management guidance
- Budgeting assistance
- Personalized homeownership preparation
3. Flexible Mortgage Solutions
Amerant Mortgage offers:
- Programs for various credit score ranges
- Multiple down payment options
- Specialized programs for different buyer types
- Complete spectrum from first-time buyers to experienced investors
Early Preparation: The Key to Successful Home Buying
Tony emphasizes the importance of meeting with mortgage professionals early in the process:
“We want to make sure that we meet with clients early on so that we can coach them and prepare them for the mortgage process and financial wellbeing.”
Benefits of Early Mortgage Consultation
- Understanding your buying power
- Identifying areas for financial improvement
- Learning about available assistance programs
- Creating a realistic timeline for purchase
- Avoiding common first-time buyer mistakes
Taking the Next Step Toward Homeownership
The journey to homeownership doesn’t have to be intimidating. With proper education, financial preparation, and the right mortgage partner, first-time home buyers can navigate the process successfully.
Whether you’re just starting to consider homeownership or you’re ready to begin the mortgage application process, professional guidance can make all the difference. From understanding hidden costs to leveraging down payment assistance programs, knowledge is your most powerful tool in the home buying process.
Ready to explore your options? Visit amerantbank.com or amerantmortgage.com to learn more about mortgage solutions tailored for first-time home buyers.
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