The Creative Ways Floridians Work in the Frustrating Real Estate Market

In today’s housing market, cash is king. But not everyone has that kind of money, and with prices so high, just putting down a down payment is a struggle. You know your price, you qualify for the loan, and you can make the monthly payments – but you don’t get the money’s worth. It’s a reality that many homebuyers face and in today’s market where cash is king, finding the right home can be more difficult – but not without hope. Local real estate agent Mike Allende has been in this business for 21 years. in some cases, they may not even need a down payment. “I was able to use what is called the USDA rural program. What if the house you are buying qualifies in a rural area. You can qualify for 100% financing, so you don’t need a down payment at all,” Allende said. This program allowed Allende to find the house of his dreams. “Yes, absolutely. We bought it very easily. . It’s a great program to use. You have VA loans for military veterans that are also zero; however, USDA Rural allows anyone to qualify as long as they are in a rural area,” he said. But you don’t need to travel to the outskirts of town to get help. There are many programs out there and the best agents work with the best lenders who know what’s out there. “There could be a program that just came in yesterday that the real estate agent isn’t even aware of, so it’s important that you also communicate with your lender and that you have that relationship and a good connection and that you be on the same page,” said Rose Kemp, treasurer of the Orlando Regional Realtor Association. The Florida Housing Finance Corporation was established 40 years ago by the state legislature to provide affordable housing for residents. must use an approved lender and meet their requirements. In 2021, they provided over $38 million in assistance and helped with 300 home loans. “We work with lending institutions, banks, credit unions and mortgage companies. We are an additional menu option specializing in first-time homebuyers,” said Trey Price, executive director of the Florida Housing Finance Corporation. g more resourceful and leaning on those around you. “One of the main things I’ve seen lately is family members supporting family members and giving them their down payment It’s called a gift, and it has to be approved by the lender and follow their guidelines. But for homebuyers who “the important thing is that the lender provides a strong pre-approval letter. stating that the buyer is good to go and has all his ducks in a row,” Allende said. It’s a real team effort and although cash is king in today’s market, a little patience and trust can turn out to be a royal flush.

In today’s housing market, cash is king.

But not everyone has that kind of money, and with prices so high, just putting down a deposit is a struggle.

You know your price, you qualify for the loan, and you can make the monthly payments, but you don’t have the money for your money.

It’s a reality that many homebuyers face, and in today’s market where cash is king, finding the right home can be more difficult, but not desperate.

Local real estate agent Mike Allende has been in this business for 21 years.

He combs through the multiple listings service on a daily basis to help clients find their dream home, even when they don’t have the money to put up and, in some cases, they don’t even have need a deposit.

“I was able to use what is called the USDA rural program. What if the house you are buying qualifies in a rural area. You are able to qualify for 100% financing, so you don’t need a down payment at all,” Allende said.

This program allowed Allende to find the house of his dreams.

“Yes absolutely. We bought it very easily. It’s a great program to use. You have VA loans for military veterans which are also zero; however, USDA rural allows anyone to qualify as long as ‘it’s in a rural area,’ he said.

But you don’t have to travel to the outskirts of town for help.

There are many programs out there and the best agents work with the best lenders who know what’s out there.

“There could be a program that just came in yesterday that the real estate agent isn’t even aware of, so it’s important that you also communicate with your lender and that you have that relationship and a good connection and that you be on the same page,” said Rose Kemp, treasurer of the Orlando Regional Realtor Association.

The Florida Housing Finance Corporation was established 40 years ago by the state legislature to provide affordable housing for residents.

They recently increased their down payment assistance from $7,500 to $10,000.

New home buyers need only contact an approved lender and meet their requirements.

In 2021, they provided over $38 million in aid and helped with 300 home loans.

“We work with lending institutions, banks, credit unions and mortgage companies. We’re an extra menu option that specializes in first-time homebuyers,” said Trey Price, executive director of Florida Housing Finance Corporation.

But for those who don’t qualify for anything, new homebuyers are getting more resourceful and relying on those around them.

“One of the main things I’ve seen lately is family members supporting family members and giving them their down payment,” Kemp said.

This is called a gift and must be approved by the lender and follow their guidelines.

But for homebuyers who can’t come up with the cash and fear they won’t be able to compete with the money, Allende says that’s not the case.

This is where your agent and your lender fight.

“The important thing is that the lender provides a strong pre-approval letter that the buyer is ready to go and has all their ducks in a row,” Allende said.

It’s a real team effort and although cash is king in today’s market, a little patience and trust can turn out to be a royal flush.

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