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 cash. So how do families make their down payment for a new home? We spoke with local experts to find out what people can do to move into their dream home. Local realtor Mike Allende of Greater Orlando Realty USA has worked in this industry for 21 years. He combs through MLS daily to help his clients find their perfect home even when they don’t have money to put down and in some cases may not even need a down payment. “I was able to use what’s called the USDA Rural Program. If the house you’re buying qualifies in a rural area, you can get 100% financing, so you won’t have to everything needs a down payment,” Allende said. This program allowed Allende to find his own dream home. “We bought it very easily. It’s a great program to use. You have VA loans for military veterans which are zero as well, however the rural USDA allows anyone to qualify as long as they are in a rural area,” Allende said. There are other qualifications that the buyer must complete to get help, but you don’t have to travel to the outskirts of town to get help with your down payment.There are many programs and the best real estate agents work with top lenders who know what’s available.” There might be a program that didn’t come up yesterday that the real estate agent doesn’t even know about, so it’s important that you also communicate with your lender and have that relationship and a good connection and that you’re 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 to residents. They recently increased their down payment assistance from $7,500 to $10,000. New home buyers need only use an approved lender and meet their In 2021, they provided more than $38 million in aid and granted 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. For those who don’t qualify for anything, new buyers become more resourceful and rely on those around them. “One of the main things I’ve seen lately is family members supporting members family and offer their down payment,” Kemp said. This donation must be approved by the lender and follow their guidelines. compete with the money, says Allende, don’t be. That’s 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. t to leave and has all his ducks in a row,” Allende said. It’s a real team effort. . 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 cash. So how do families make their down payment for a new home? We spoke with local experts to find out what people can do to move into their dream home.

Local real estate agent Mike Allende with Greater Orlando Realty USA has been in this industry 21 years. He combs through MLS daily to help his clients find the perfect home even when they don’t have the money to put down and in some cases don’t even need a down payment.

“I was able to use what is called the USDA Rural Program. If the house you buy qualifies in a rural area, you can qualify for 100% financing, so you won’t need a down payment at all,” Allende said.

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

“We bought it very easily. It’s a great program to use. You have VA loans for military veterans that are zero as well, however, USDA Rural allows anyone to qualify as long as they is in a rural area,” Allende said.

There are other requirements the buyer must meet to get help, but you don’t have to travel to the outskirts of town to get help with your down payment.

There are many programs out there and the best real estate agents work with the best lenders who know what is available.

“There may be a program that just came in yesterday that the real estate agent isn’t even aware of, so it’s important that you communicate with your lender as well and have that relationship and a good connection and that you are on the same wavelength”, mentioned Rose Kemptreasurer of the Orlando Regional Association of Realtors.

the Florida Housing Finance Corporation was developed 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 more than $38 million in aid and granted 300 home loans.

“We work with lending institutions, banks, credit unions and mortgage companies. We are an additional menu option specializing in the first-time homebuyer,” said Trey Price, executive director of the Florida Housing Finance Corporation.

For those who are entitled to nothing, new buyers become more resourceful and rely 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 donation must be approved by the lender and follow its guidelines.

For those who can’t find that kind of money and are worried that they can’t compete with money, says Allende, don’t be. 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 real teamwork. 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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