Mortgage expert Rafi Castro explains real upfront costs, down payment options, and Tampa Bay market opportunities.

For context on whether now is a good time to buy, see Redfin’s analysis: Is Now a Good Time to Buy a House?

How Much Cash Do You Need to Buy a Home?

One of the most common misconceptions among homebuyers is how much cash is required to purchase a home. Many buyers assume they need a large down payment, but that’s not always the case.

The Three Main Costs

When buying a home, there are three primary upfront costs: down payment, closing costs, and prepaid expenses such as taxes and insurance.

What Most Buyers Don’t Know

Many loan programs allow for low down payments, often between 3% and 5%. Some buyers may qualify for down payment assistance programs, and sellers can sometimes contribute toward closing costs.

Source: Florida Housing Programs

Mortgage Rate Update

The average 30-year mortgage rate is currently in the high 5% to low 6% range. Mortgage rates are primarily influenced by the 10-year U.S. Treasury bond, not directly by the Federal Reserve.

Tampa Bay Market Opportunity

Inventory is increasing across Tampa Bay, giving buyers more options and negotiating power. This creates a strong opportunity for buyers who understand their financial position.

Need Mortgage Guidance?

If you’re thinking about buying a home in Tampa Bay and want a clear breakdown of your numbers, I’m happy to help.

Rafael “Rafi” Castro
Marymont Financial Services
Phone: 813.469.7568
Phone: 813.590.0031