The recent increases in home prices and mortgage rates currently confront prospective residential property buyers. Nonetheless, there are ways by which they can address the projected 5-6% increase in home prices this year and the expected gain in mortgage rate to 5% for the rest of 2014.
Availing of down-payment assistance programs is one of the solutions that were presented in 2014 June’s National Real Estate Editor’s conference in Houston. One forum speaker claimed that across the U.S., there are 2,000 of such assistance programs to help home buyers. Many of these programs are under the administration of city and county governments for non-profit groups.
It was estimated that as much as 70% of available homes in the market presently are eligible under these programs. These would amount to between 1.5 million and 2 million residential properties available to wannabe homeowners.
Facilities, such as the Atlanta-based Down Payment Resource, are available not only to generate awareness on these programs. They also present the processes by which buyers can avail of home buying opportunities via safe and sustainable financing. What’s also important is to get professional counseling from realtors who have a mastery smart home loan programs.
Notably, Down Payment Resource is employed in the MLS (MyFloridaRegional MLS) of homes for sale in Sarasota, as well as in Central Florida. With this down payment search facility integrated into the MLS data, realty agents searching homes for their clients can readily access information on properties flagged with specific programs they might qualify for. Online tools for search and answer questions facilitate a realtor’s identification of homes a client might qualify for down payment assistance.
It would likewise be ideal to work with a realtor with a thorough knowledge of the various sources of down payments or ways by which to raise initial financing for a home purchase. For example, a prospective buyer with a car, boat, or any similar asset can use this for partial down payment credit. The state housing authority is another likely down payment source. Gift funds from relatives and even from the seller are likewise allowed in FHA and VA loans.
Similarly, it would be advantageous to tap the services of a realtor who have an on inside track on new property developments focused on affordable housing and first-time buyers. Typically, the developers of these communities also provide assistance or a guide to finance home purchases.
There are several new communities in Sarasota and Manatee which are geared toward affordable housing. One of the choices is the Palmetto Estates of Maronda Homes in Manatee. Touted as a bird sanctuary, this community consists of single family homes priced starting from the mid-$100s. Palmetto Estates is conveniently located between Tampa/St. Petersburg toward north and Sarasota toward south.
Another option is the Pinecrest, a community in Bradenton where competitively priced newly built homes are available. Two home models in this neighborhood are currently listed in the MLS of Sarasota homes for sale at tag prices slightly below the mid-$100s. These have floor plans of about 1,200 square feet, featuring 3 bedrooms and 2 baths.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>