New Home Buyers

Pre-purchase counseling should include:

Mortgage Pre-Approval: This should be your first step in the home buying process. You may qualify for more or less than the purchase price you are considering. You will also need this in order to submit an effectual contract to the owners. The last thing you want to do is find the perfect home, not be ready to submit an offer and lose out on your dream home. Be prepared!

Verification of Funds:  If you are submitting a cash offer, a Verification of Funds letter will be needed from your bank. It should state that you have enough funds to cover the amount of the purchase you are making.

Property Taxes: In Palm Beach County property taxes are approximately 2% of the purchase price.

Homestead Exemption: Every person who makes the property their permanent residence is eligible to receive a Homestead Exemption up to $50,000. The first $25,000 applies to all property taxes. The additional $25,000 applies to the assessed value between $50,000 and $75,000 and only to non-school taxes. You can apply online at www.myflorida.com or in person at City Hall between January 1st and March 1st. You must have owned your home by January 1st of the previous year and be a permanent resident.