Learn about the renewed Hometown Heroes Program for homebuyers
Discover what's new in the real estate market in Florida with the Hometown Heroes program, which offers financial help to local workers to purchase their first home. Gisela Rojas, real estate agent, shares strategies and tips to make the most of these opportunities.
A ray of hope illuminates the real estate landscape in Florida thanks to the recent reopening of the Hometown Heroes program. With a decrease in mortgage interest rates and an injection of an additional $36 million, this program aims to help Floridian workers achieve the dream of acquiring their first home or condo. The good news is that this initiative has proven to be a catalyst for lenders to compete, offering buyers the best possible terms and benefits.
Renowned real estate agent and influencer Gisela Rojas from Caissa Realty Investment warns about the high demand for this fund, urging those who are already advanced in the purchasing process to take advantage of this opportunity before the $36 million runs out. To qualify, applicants must be full-time workers in Florida, earn less than 150% of the area median income (AMI) of their county, and have a minimum credit score of 640.
Despite the limited supply of properties for sale, Rojas notes that there are opportunities for those who search carefully. Properties that have been on the market for a while are accepting offers and reducing prices. Additionally, many sellers are contributing a percentage to cover closing costs, easing the financial burden on buyers.
In the realm of new constructions, Rojas highlights that developers are offering incentives for closing costs, including the possibility of paying points to reduce interest rates. However, she advises buyers to carefully review contracts, especially the Annual Percentage Rate (APR), which reflects the annual cost of the loan.
For those looking for creative alternatives, Rojas suggests considering the purchase of multifamily properties, such as duplexes or triplexes. An interesting novelty is that, starting November 18, the Hometown Heroes program allows the acquisition of multifamily properties with a conventional loan, with only a 5% down payment, as long as it is the first property of this type that the buyer acquires.
Gisela Rojas looks to the future with optimism, reminding buyers that once interest rates drop, they will have the opportunity to refinance their properties. In summary, in Florida's competitive real estate market, the Hometown Heroes program and other smart strategies offer a range of opportunities to turn the dream of homeownership into reality.