“Millennials are the largest group of home buyers for the fourth consecutive year.” — According to NAR

This is in contrast to popular belief that Millennials are not buying homes. The teams at the Bank of England Mortgage and Davidson Realty are here to help. We want to share with you how easy this process can be and how you can start now to be a local homeowner.

  1. What if I don’t have a 20 percent down payment?

Don’t assume you don’t qualify! There are down payment assistance programs, like the Florida Bond Program and Bank of England Mortgage’s First Coast Heroes Program, where there are funds available to help cover the down payment and closing costs. This helps first time homebuyers and those re-entering the buying market with the one thing many qualified buyers don’t have, a large sum of money to put down.

  1. How do I qualify for a mortgage?
  • You need good credit, not great credit. Think of a 600 minimum credit score.
  • We look at your Debt to Income Ratio (the amount of your monthly debt payments as compared to your income + your proposed mortgage payment for the home you want to buy).
  • You need some funds to cover down payment and closing costs related to your loan. We work to be sure you are getting into a good investment.

  1. How do I start the process? 

After connecting with a Mortgage Banker, we will talk about your goals and review things like your credit, what is on the credit report, your income, to demonstrate your ability to repay the loan, and look at down payment options and where the down payment and closing cost will come from. There are many loan programs available with multiple down payment options.

  1. Why use a Realtor?

Demand is high and inventory is low. A Realtor takes you beyond the web browser and into your dream home. Real Estate is a complex industry with transactions that aren’t fun to figure out alone. Teaming with an educated professional can guide you through contracts, builders, escrow, inspections, appraisals, and to closing on your dream home!

Ready to start the process? Contact us today at info@drijaxbeach.com and silhanteam@boemortgage.com