First-Time Home Buyer Guide

chris.ha • July 1, 2019

In our last article, we covered what one needs to know and research in order to determine whether buying a home is right for them. For those of you that came to the conclusion that you should buy a home, this is the guide for you! We will go over down payment tips, home shopping, financing options, etc. so you have everything you’ll need to buy a home, besides a Realtor. That’s where we come in at Brown Home Group @ Keller Williams Advantage II Realty!;)

Mortgage Down Payment

As a home buyer, you have plenty of options when it comes to your mortgage down payment. In most cases, buyers put down at least 20% on their mortgage. Now, this number is very flexible but can have some conditions you may not prefer if you put down less than 20%, such as higher rates and having to pay for insurance. This is something you will have to play around with on your own, take a look at your finances and your savings account, from there you can find online mortgage calculators or have a talk with your lender!

Another thing you have to consider with this is your financing options.

There are 3 main mortgage options

–Conventional loan

A conventional loan can require as little as 3% down, and will conform to the standard set by Fannie Mae and Freddie Mac (governement entities).

–FHA Loans

Sometimes as low as 3.5% and is insure by the Federal Housing Administration. FHA loans have their own sets of requirements, so make sure to discuss this option with your lender.

– VA Loans

VA loans are strictly for Veterans and their spouses (under certain circumstances). These sometimes require no down payment at all and can come with tons of different perks.

Again, there are tons of different options and choices to make for your mortgage. You can make a smaller down payment for a higher monthly payment, or maybe a much bigger down payment to achieve a lower rate/monthly payment. There are also multiple different state and federal assistance programs for first-time home buyers, consider applying for the ones in your area.

Mortgage Application

First things first, DETERMINE HOW MUCH YOU CAN AFFORD!! This is the biggest mistake people can make when shopping for a home. People will apply or shoot for a higher loan than they know they could afford to pay. Determine your budget, THEN start shopping around for mortgages and lenders. Once you find the budget that’s right for you, you’ll want to compare mortgage rates to find the best deal. Try comparing at least 3 different lenders to make sure you’re not leaving money on the table. Make sure to ask about discount points to lower your interest rates!

The next biggest thing you need to worry about is your credit. Credit is absolutely crucial to getting a loan, and your credit score is going to determine your eligibility and your rate. If it’s just you, cut any further activity on your credit, and do anything and everything you can to increase your credit score as much as possible. For couples, it can be a good idea to help each other. Consider helping your spouse fix their credit so you can both qualify for better loan terms and interest rates.

Pre-approval is something every home buyer should consider getting. Having a set loan amount to work with can make it easier for you and your agent to find you the home that works best for you. This also gives you leverage in the eyes of a seller compared to the buyers that did not get pre-approved.

Shopping for homes

When you’re shopping for a home, it’s best to have a buyer’s agent by your side. Not only will they have the resources to help you but they can get access to properties you cannot see! Luckily, at Brown Home Group, we take your best interest into consideration at all times. We want to make sure every bit of your wants and needs are met and you are satisfied throughout every step of your transaction.

Depending on your situation, you’ll want to look at different types of houses such as single-family, townhouses, condos, etc. Sometimes sacrificing space can benefit you by offering less maintenance and extra amenities. Ask your agent what the market conditions are, where the best locations are, etc.

Mistakes to avoid

When you’re a first time home buyer, there’s an endless list of mistakes that one can make. That’s why it is important to find experienced and knowledgeable agents to work with so you can minimize any issues or mistakes you make. Some of the most common mistakes go as follows:

not budgeting move in expenses
not budgeting closing costs
not negotiating
buying based on today’s circumstances
not purchasing good home insurance
getting the right home inspection

These are just a few mistakes that are made on a daily basis. Make sure you find someone to help you jump these hurdles and educate you throughout the entire process for your best interest.

Contact us here at the Brown Home Group @ Keller Williams Advantage II Realty to get a better understanding of how you can purchase a home ASAP! We would love to hand you the keys to the home of your dreams and look forward to working with you! Thanks for reading.

Phone:321-348-8720

email: rick@brownhomegroup.com

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The Orlando Law Scoop - Big Updates at OLG: New Attorney, Upcoming Events & More!

By Rick Brown • April 16, 2025

Spring Forward with OLG New Bootcamp, Fresh Blogs, and Meet Our New Attorney! As we welcome April, we’re bringing you a fresh batch of updates from The Orlando Law Group! From exciting new opportunities for non-profits to our latest blog posts and the introduction of a new attorney, there’s a lot to catch up on

A No-Nonsense Guide to a Hassle-Free Job Relocation

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Moving for a job is a big deal. It can mean exciting new opportunities, but let’s be real—it’s also a lot to handle. From packing up your life to figuring out your new city, there’s a lot to juggle. Whether you're chasing a promotion, switching industries, or just looking for a fresh start, making the transition smooth (and affordable) takes some planning. But don’t stress—there are plenty of ways to make moving for work easier, faster, and way less of a headache. Level Up Your Career With Online Education If you're in a field like nursing, getting an advanced degree can open a lot of doors. An online master’s in nursing, for example, can help you move into leadership roles like administration or education, which often come with better hours and higher pay. The best part? Online MSN degree programs make it easier to juggle work and school since you can study on your own schedule. Plus, you’ll save time and money by skipping the commute. Investing in your education isn’t just about earning more—it puts you in a position to make a bigger impact in your field. Make House Hunting Easier With Local Real Estate Pros Finding a place to live in a new city can be overwhelming, especially if you’re trying to balance your budget, commute, and lifestyle all at once. Want to make things easier on yourself? Get yourself a real estate agent who actually knows the area. They’ll point you toward the right neighborhoods, keep you from making expensive mistakes, and take a ton of stress off your plate. Sure, you could spend hours lost in online listings and market trends, but why make it harder than it needs to be? Let someone who does this every day (like Brown Home Group ) handle the tricky stuff so you can focus on the move itself. Keep Your Important Stuff Safe While Moving Packing up and moving is already chaotic enough—you don’t want to add losing important documents or valuables to the mix. Keep things like passports, birth certificates, and financial documents in a separate bag that stays with you at all times. If you want extra protection, a fireproof or theft-proof bag can help keep everything secure. Having all your essentials in one place means you won’t be scrambling to find them when you need them. Understand How Taxes Affect Employer-Paid Moving Expenses If your employer is covering your moving costs, don’t assume it’s all free money. Right now, employer-paid moving expenses are considered taxable income, which means you’ll owe taxes on them. But keep an eye on tax law changes—by 2026, moving expenses might become tax-deductible again. Either way, save your receipts and keep track of everything. It’s better to be prepared than surprised when tax season rolls around. If you're unsure about what applies to you, checking IRS resources or talking to a tax professional can help clear things up. Find a Job Faster by Understanding the Local Market Even if you’re moving for a specific job, understanding the job market in your new city can help you plan for the future. Some industries, like healthcare and tech, are growing in certain areas, while others may be more competitive. Checking out local job boards or resources can give you a sense of what to expect . Knowing which industries are booming and what skills are in demand can also help you negotiate better pay or prepare for future career moves. Meet New People by Getting Involved in Hobbies Moving to a new city can feel lonely at first, but getting involved in local activities is one of the best ways to meet people. Whether it’s joining a hiking group, attending a book club, or signing up for a class, shared hobbies can lead to great personal and professional connections . If you’re in a field like tech or design, events like hackathons or art meetups can even open up new job opportunities. Making connections through hobbies isn’t just fun—it can also help you feel more at home in your new city. Stay Organized With a Moving Timeline A solid game plan can make your move way less chaotic. Creating a timeline for everything —from giving notice at your current job to setting up utilities in your new place—keeps you on track. Breaking things down into small, manageable tasks makes everything feel less overwhelming. Sharing your plan with your employer, family, or anyone else involved helps avoid last-minute surprises. And don’t forget to book movers or rental trucks early to get the best rates! Moving for work can be a lot, but it doesn’t have to be a total headache. With a little planning, some local know-how, and a flexible mindset, you can make the whole thing way easier. Stay organized, ask for help when you need it, and take it one step at a time. Before you know it, you’ll be unpacked, finding your new favorite coffee spot, and settling into your next adventure! Discover the key to your real estate dreams with Brown Home Group —your trusted partner in buying, selling, or investing in Central Florida’s vibrant market!

The Orlando Law Scoop - Take Charge of 2025: A Practical Checklist for Your Peace of Mind

By Rick Brown • January 15, 2025

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