If you are renting in the Tampa Bay Area the news is not good. The median rental amount paid in Pinellas County is currently at $1400 month according to Tampa Bay Times. That means that half of the renters are paying a monthly rent that is higher than $1400 and that number is predicted to keep going up.
So, what can you do if you would like some more stability and control over your housing expense?
One of the answers is to buy a home and take control of where you live and how much your monthly payment will be in the long term. A monthly payment of $1400 would allow you to buy a home in the $165,000- $200,000 range depending on the specific insurance and taxes for a home.
The biggest objections to overcome for first time homebuyers is the upfront costs required to buy a home. Thanks to the Florida Hardest Hit Fund or HHF there is closing cost and down payment assistance available for 1st time homebuyers up to $15,000. This amount is FORGIVEN if the borrower stays in the home for 5 years at a rate of $3000 per year. This will usually cover most of the expenses associated with buying a home.
There are credit score and total income requirements to qualify for this HHF program. The State of Florida will not have funds forever. If you are tired of seeing your hard-earned money go to an ever-increasing rent payment now is the time to apply for pre-approval and start on your path to home ownership. Start Your Pre-Approval Here
Bradenton Branch
NMLS #386145
5260 State Road 64 East
Bradenton, Florida 34208
bmcmahon@homebridge.com
C: (941) 720-2573