What to Know Before Buying a Home in Florence, KY

Understanding the Florence, KY Housing Landscape

Thinking about buying a home in Florence? Great idea! You've chosen a colorful city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers nationwide and have the inside scoop on Florence's housing scene.

Florence's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Continued support for local businesses and cultural growth have helped to attract young families, new businesses, and retirees to the Florence area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Florence and its nearby areas still offer a wide range of homes in price and amenities. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream house! When buying a home in Florence, double check that you're factoring in the home's distance from your daily activities. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. The location of your house will impact virtually every part of your life. Discovering different parts of Florence will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Florence's hottest attractions.

Are your finances in the right place to buy a home in Florence? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and work to make the journey less worrisome and more rewarding every step of the way. It doesn't matter whether you want to buy a home in Kentucky or somewhere else entirely. We help first-time homeowners and experienced homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Florence.

First, calculate how much house you can afford. This will help determine the price range for your Florence house hunt. Next, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Florence averages will usually give you some solid estimates. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Then, consider how much you can contribute to a down payment. Putting at least 20% down will boost your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). That said, the required down payment will depend on the type of loan you get. This is where getting prequalified for a mortgage comes in handy. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, take a good look at your credit. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and who doesn't want more choices in life?

Move Up and Out: Buying Your Dream House in Florence, KY

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Florence. Contact Mr. Cooper as you look to buy a home in Florence. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*