We Are Beyond A Bank — Presidential Bank Mortgage

Guide

First-Time Buyer Guide

Buying your first home is one of the biggest financial moves you'll ever make. This guide walks you through every step — no jargon, no fluff.

01

Check Your Credit & Finances

Before you shop for homes, know where you stand. Pull your credit report, calculate your debt-to-income ratio, and figure out how much you can comfortably put down. Most lenders want a credit score of at least 580 for FHA loans and 620 for conventional.

02

Get Pre-Approved

A pre-approval letter tells sellers you're serious and tells you exactly how much you can borrow. It's not a commitment — it's a starting point. Bring your last two pay stubs, two years of tax returns, and two months of bank statements.

03

Find a Real Estate Agent

A good buyer's agent costs you nothing (the seller pays the commission) and can save you thousands. Look for someone who knows your target neighborhoods and has experience with first-time buyers.

04

Shop for Homes

Now the fun part. Make a list of must-haves vs. nice-to-haves before you start touring. Stick to homes priced below your pre-approval limit — you'll want room for closing costs and moving expenses.

05

Make an Offer & Go Under Contract

Your agent will help you craft a competitive offer. Once accepted, you'll enter a contract period — typically 30–45 days — during which you'll complete your loan application, get an appraisal, and do inspections.

06

Complete the Loan Process

Your lender will order an appraisal, verify your documents, and issue a Loan Estimate within 3 business days of your application. Review it carefully. Ask questions. That's what we're here for.

07

Close on Your Home

You'll receive a Closing Disclosure at least 3 days before closing. Review it against your Loan Estimate. On closing day, bring a government-issued ID and a cashier's check or wire transfer for your closing costs. Sign, get your keys, celebrate.

Loan Programs for First-Time Buyers

FHA loans require as little as 3.5% down. Conventional loans can go as low as 3% with certain programs. Florida also has down payment assistance programs that can cover your entire down payment. Ask us what you qualify for.

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