5 Reasons Why You Can’t Buy A Home in Fort Lauderdale Florida

Florida rent to own homes house with pool for decorative purpose only

Many people consider a home the most significant investment they make in their life. Many people have the financial tools to find a home they love and can afford. Sometimes things don’t go as planned. Here are five reasons you can’t buy a home in Fort Lauderdale Florida.

5 Reasons Why You Can’t Buy A Home in Fort Lauderdale Florida

Not Getting Pre-Approved

You should be serious about getting a loan if you want to buy a home. Pre-qualification is just a guideline and does not give you an official value.
Pre-approval is when the lender has looked at your income and credit history. They can assess your financial picture and recommend the best amount for you based on reality.

If you don’t pre-approve, an offer might be accepted for a home. However, the lender may not have all the information necessary to fund the loan.

Not having Closing Money

People often only consider the down payment when considering out-of-pocket costs in the home buying process. You need to be able to pay closing costs.
At closing, everything from appraisals and inspections to lender fees is due. Some costs are included in the loan while others are not.

Closing costs will typically amount to between 2-5 percent of the home’s worth. Before starting the loan process, talk to your lender to ensure you have enough cash to close.
If you do not have enough money, you may need to tap your retirement funds, purchase gift funds, or walk out of the deal.

Too Much Debt

Lenders consider your debt-to-income ratio when deciding whether you can purchase a home. The average monthly debt payment should not exceed 33 percent of your monthly income. While you might have a solid monthly income, if your credit card or car payment payments are taking a lot out of it every month, that is not a financial stability situation that lenders will be happy with.

You should be aware that your student loan may have some type of forbearance.
The lender will then use the amount you pay when the forbearance ends.

Get a credit line for new furniture

It happens all the time. You anticipate moving in and getting the new living-room set delivered to you so that you can play your first football match.
The problem is that you didn’t get the furniture company’s 6-month financing agreement.

It is a credit inquiry and additional debt that can have an impact on your loan. People are denied loan funding even though they were pre-approved.
This is due to late credit inquiries. You should wait for escrow to close before you can get the furniture.
Although it delays the process for a few more days, this will not affect your financial picture.

Find Your Dream Home

You can’t always get what you want. Yes, that’s the old song. This rings true when purchasing a home. Sometimes you can’t get everything you want.
It is possible that you have to wait a while for your new dream home, complete with a spa bath, kitchen, and swimming pool, while you search.

Smart buyers will purchase what they can afford in a place that is comfortable for them to live in. They will accumulate equity as they make better payments and the property’s value increases.
The equity can then be used to pay down the mortgage on your first home and then buy a bigger, better house in the future. You can be a smart buyer and use equity for your dream home.

Florida Rent To Own Homes

We specialize in Rent-To-Own Homes. Our team will work with you to get into your dream home Rent-to-Own for 3-5 years until you are mortgage ready.
When you are ready you can go out and get the best mortgage possible and buy the house you are already living in and loving.
If you are finding it difficult to access a mortgage to buy your dream home contact us Sellers: 954-281-7487
Buyers: 954-247-4285.

CONTACT US AT Sellers: 954-281-7487

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