Once you’ve made the decision to become a homeowner, it’s advised to search for
financing options. This process may seem overwhelming, but your lender will guide you
through it. The process will be even easier if you know what to expect and prepare for it.
Here are the loan application steps:
1. Prepare required documents:
2. Submit the application. Once you’ve prepared the required documents, the first step with the lender is to apply for the home loan. Of course, you will need to provide personal information, as well as information about the property you’ll be purchasing, such as the address and estimated purchase price.
3. Provide your documents. Submit your documents, such as pay stubs, W-2s, bank statements and employment history.
4. Get pre-approved in as little as 24 hours. Once your loan application is submitted, you should receive your pre-qualification in as little as 24 hours.
Now that you know what you're looking for, the next step is figuring out what type of home you
can afford. A review of your income, savings, monthly expenses and debt will be necessary.
Early in the process, you'll want to get pre-qualified for a mortgage loan. It enables you to move
swiftly when you find the right home, especially when there are other interested buyers. It also
indicates to the seller that you are serious and can afford to buy the property.
A pre-approval is a simple calculation done by a mortgage lender that tells you the amount you'll be able to
finance through a loan and what your monthly payment will be.
The price you can afford to pay for a home will depend on several factors, such as:
Another figure that lenders use to evaluate how much you can afford is the housing expense-to- income ratio. It is determined by calculating your projected monthly housing expense, which consists of the principal and interest payment, property tax payments and insurance premiums on your new home loan (also known as PITI).
Each buyer is unique, and a mortgage professional can help you find out just what you can afford. Your income and debts will typically play the biggest roles in determining your price range. It's simple to make an estimate – just run the numbers for yourself using our Affordability Calculator.
Down payment assistance (DPA) helps homebuyers with grants or low-interest loans, reducing the amount they need to save for a down payment. There are more than 2,000 of these programs nationwide. State, county, and city governments run many of them. DPA programs vary by location, but many home buyers could be in line for thousands of dollars in down
payment assistance if they qualify.
Please contact, go to website or visit the organizations below for more down payment
assistance program information.
CDC of Tampa Bay
1907 East Hillsborough Avenue, Suite 100
Tampa, FL 33610
(813) 231-4362
The Right Service Florida
601 E. Kennedy Blvd.
24th Floor
Tampa, FL 33602
United States
(813) 246-3150
https://www.hillsboroughcounty.org/en/government/departments/affordable-housing
This agency gives out federal and state funding to develop affordable housing plans. It helps
first time homebuyers and renters find and maintain a home. There are also programs for
people facing foreclosure or who need help with repairing their homes.
Please see the website for details.
Dare to Own the Dream Homeownership Program
https://www.tampa.gov/housing-and-community-development/programs/mortgage-assistance
The City of Tampa’s Housing and Community Development Division (HCD), through its Housing
Counseling Agency partners, will provide Homebuyer Education classes (English and Spanish),
Homebuyer Counseling services and down payment & closing cost assistance funds for
qualified homebuyers. To participate, contact any of the following housing counseling agencies
to begin the process:
PARTICIPATING HOUSING COUNSELING AGENCIES:
Housing & Education Alliance
9215 N. Florida Ave., Ste. 104
Tampa, FL 33612
(813) 932-HOME (4663)
Real Estate Education and
Community Housing, Inc.
(R.E.A.C.H)
4006 S. MacDill Ave.
Tampa, FL 33611
(813) 397-6208
Solita’s House, Inc.
3101 E. 7th Ave.
Tampa, FL 33605
(813) 425-4847
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