Buying a house for the first time in the United States is the dream of millions, and while it may seem like a daunting challenge, there are accessible options for those entering the real estate market.
Real estate agent Alejandra Vásquez spoke to Univisión Miami, outlining how much money a person needs to save to purchase their first home in the United States.
First-time homebuyers have the option to use a loan backed by the Federal Housing Administration (FHA). In this case, they need to have 3.5% of the total property price to start planning the purchase.
FHA loans are a popular option for first-time homebuyers in the United States, as they offer benefits due to being insured by the federal government. Here are some of their most notable features:
- Less stringent requirements compared to other types of loans.
- Acceptance of lower credit scores.
- Reduced initial payments.
- Lower closing costs.
In addition to the initial 3.5%, buyers should consider closing costs, which range from 4% to 5% of the property's value.
"In total, approximately 7.5% of the home's value is needed," the expert explained. This means that if you want to purchase a house valued at $200,000, you should have at least $15,000 saved to meet that percentage.
Opportunities in Florida to buy your first home.
In the state of Florida, November can be particularly advantageous for homebuyers, as many builders offer attractive promotions at the end of their fiscal tax year.
Vásquez believes this is an excellent time to explore mortgage options and secure a home at a good price.
One of the additional advantages for first-time buyers is that they do not need to prove that the money for the down payment is in their bank accounts. It can be received as a "gift," whether from family members or third parties, which makes it easier to gather the necessary amount to purchase a property.
Those dreaming of owning their first home in the United States can consult with real estate agents and industry experts, as there are various ways to access loans, and current market opportunities can provide the necessary boost.
The key is to plan, explore the available options, and take advantage of financing alternatives that best suit your needs. Always keep in mind your actual capacity to achieve this goal, so you can accomplish it as soon as possible without jeopardizing your family's future.
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