Buyers Guide
Tampa Home Buyers Guide
Buying a home in South Tampa or Tampa Bay follows six main steps:
- Get pre-approved by a lender so you know your budget.
- Choose neighborhoods that fit your commute, lifestyle and price range.
- Tour homes in person or by video with your advisor.
- Make a competitive offer based on recent comparable sales.
- Complete inspections, appraisal and insurance quotes.
- Close and get your keys, usually within 30 to 45 days with financing.
Frequently Asked Questions
How much do I need for a down payment?
It depends on the loan. Some conventional loans allow as little as 3 percent down, FHA loans 3.5 percent, and VA and USDA loans can require no down payment for eligible buyers.
Do I need a pre-approval before touring homes?
It is strongly recommended. Sellers expect a pre-approval letter with your offer, and it tells you exactly what you can afford.
How do I pay my buyer's agent?
Buyers sign a written agreement that states the agent's compensation. That fee may be paid by the seller, by you, or split, depending on what is negotiated.
Should I budget for flood insurance in Tampa?
Check the flood zone for any home you are considering. Many South Tampa homes are in flood zones where lenders require flood insurance, so get quotes early.