Buying Your First Home is More Affordable than You Think - First Time Home Buyer Affordability with #1 Tampa Realtor and Lender Waterstone Mortgage

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Listen as Andrew Duncan, Tampa Bay's #1 Realtor with guests Arnie and David Diaz from Waterstone Mortgage Corporation talk about First Time Home Buyer Affordability on The Duncan Duo Real Estate Show on 970 WFLA.

A lot of consumers have a misconception about what their monthly payment is going to be like at a certain price range.

Andrew talks about the chart David and Arnie Diaz came up with which shows the breakdown of starter home prices according to the National Association of Realtors in Tampa Bay. It's a financial snapshot of what a payment looks like across different price ranges that are typically aligned for first time home buyers. (Click here to view the chart)

One example is a home worth $185k has a monthly payment on the principal and interest of $840. A lot of people think that a home in this price range would have a monthly payment that is significantly more. Granted the tax and insurance would need to be factored in and would vary from property to property, this is still crazy affordable for first time home buyers according to Andrew. 2015 will be an incredible year for first time Home buyers.

Arnie recalls having discussed in a previous show that the average price of rent in Tampa is $1250. And a mortgage could be around $840 even if you factor in insurance and taxes, you will still likely be below that average rent price. He adds that the qualifying income to get that is only $40k.

Another example Andrew sites you can buy a $150k home begins with a montnly payment of $653 plus tax and insurance but still way below what you pay for rent for a condo or an apartment and you can buy a nice single family home for $150k in great areas like Seminole Heights, South Tampa, Citrus Park, Carrollwood etc.

Conventional loans now only asks for 3% Downpayment which will be lower and you get better mortgage rates as compared to FHA loans.

David talks about the 97% program they have that just came out. Instead of the usual 20% downpayment, consumers can put down 3% depending on the person's income and if they want to take a first time home buying class. There are a lot of different options to choose from. If you want to know more, get in touch with Waterstone Mortgage.

Arnie points out that in 2011 the median price was $141,300 while as of last quarter it is now at $184,700 which has an appreciation of about 30%. When you're renting, that 30% of equity gain would go to the landlord.

Do you want to make your landlord rich or do you want to put that 30% in your own pocket, in your own net worth?

Andrew shares he saw a study about the average net worth of someone who rents vs someone who owns. If you're someone who wants to start making good financial decisions and building wealth, buying your own home would be step # 1.

When you look historically at the prices and the rates and looking at the the chart, with prices starting to rise, don't wait a year or two because you're going to lose $20,000 if you're talking about an average priced home and appreciation. You lost all that to your landlord. So better act now and start planning on buying your first home!

For more Tampa Bay Real Estate news and advice, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

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