JACKSONVILLE, Fla. – From credit score secrets to compound interest magic, News4JAX is digging into the first-time buyer programs that could help with down payments, and why high-yield accounts are becoming Jacksonville’s favorite way to save.
News4JAX talked with financial experts who say the two biggest questions they are getting are about buying a house and saving money.
Justin Drost is enjoying his new house in Arlington.
He is a first-time buyer and closed during the summer of 2025.
“It was a few years of saving,” Drost said. “I’d say two years too of really strong saving. It was a few years back and forth [because of] the economy. You got to spend some of your savings on life.”
Drost said during his process, he managed to be a part of a first-time home buyer program, which included down payment assistance and help with closing costs.
There are some programs that do not require first-time home buyers to make a down payment.
Drost said some guidelines that are good to follow include having a credit score of at least 620, not making a big purchase like a car in the same year or applying for a big line of credit in the same year of trying to buy a house, and having a good work history.
Drost said there is one thing he wishes he had known while buying his house.
“I didn’t realize that the more money that you had, the more you can buy down your interest rate,” he said. “Because I maybe would have saved up even more.”
Ashleigh Robinson is the digital marketing manager for First Florida Credit Union.
Robinson says paying down on interest in terms of “points” can be beneficial for first-time home buyers or those purchasing their next property.
“You just need to make sure that you are looking ahead of closing costs so that you can get the lowest possible rate,” Robinson said. “Obviously having the lowest rate possible is going to impact you long-term because it is going to save you potentially thousands of dollars. How much that loan is going to cost you over the life of the term, potentially 30 years. Whatever you can do to lower that interest rate by .25%, .50%. That can be a pretty significant monetary difference for you down the line.”
One of the other hot topics Robinson told News4JAX she has been dealing with when it comes to financial literacy with clients is opening high-yield savings accounts.
“These high-yield savings accounts are vehicles for the average consumer to actually get a meaningful interest rate on their money to make their money work for them,” Robinson said. “It’s to grow while still maintaining a level of accessibility for when they need it.”
In a high-yield savings account, people are putting their money away, but they are earning an interest rate on those funds every month.
The difference is that the interest rate they are receiving every month is higher than a traditional interest rate that they would find in a standard account at a bank or credit union, which are generally on the lower side, like .05%.
“You might set up an automatic transfer directly from your paycheck, maybe it’s $50 a month that goes right into that high-yield savings account,” Robinson said. “Each month, that money is going to stay put and grow. Because of compound interest and how that works, every month your balance is going to increase. If you want to maximize a high-yield savings account, you are going to want to be actively putting in funds in that account so that it can grow to its full potential.”
If you are someone who is just starting to save, don’t panic or feel overwhelmed. Robinson has some good steps you can take.
First, she recommends tracking your spending.
Know how much is coming in and what is going out. Then make some adjustments, such as canceling subscriptions you do not think you need. That can free up some funds
Even that money can then be put into a designated savings account.
Robinson said it can start with a small amount.
If you look at your finances and all you can afford is $10 or $20 a paycheck or a month, that is a great place to start.
Robinson said eventually you can start putting in more money when you can afford it.