Category: Orlando Real Estate

Florida’s Green Lights Hometown Heroes Housing Program

Posted on by Jenny Zamora

The Florida legislature has appropriated $363 million for the state’s Green Lights Hometown Heroes Housing program. This will fund programs that help Florida’s low and moderate-income citizens purchase a home. The Florida Housing and Finance Corporation administers these programs, including down payment assistance and SHIP-Homeownership and Rental. The Florida Housing and Finance Corporation also offers a list of affordable housing options, as well as information on disaster relief programs, special needs housing, and lenders and property managers.

Teachers are a definite incentive for the program

For many Florida residents, a home is an expensive proposition. Even a median-priced home can cost over $62,000, which puts them out of reach for most of the population. Teachers, police officers, and other frontline employees earn far less than this amount, so they face the extra hurdle of finding a home. For this reason, this housing program is an especially welcome development for educators and other frontline workers.

The program provides up to $25,000 to cover down payments and closing costs for qualifying applicants with a credit score of 640. However, teachers are not automatically eligible because the requirements are very strict. Loan officers are getting between ten and fifteen calls a day, and it is a competitive process, especially with the limited supply of homes in a given area. Further, the demand is much higher than the supply.

Florida Realtors are actively advocating for affordable housing for our heroes. The state legislature recently allocated $100 million for the program in the fiscal year 2022-23. A total of two hundred and fifty homes are planned to be made available to heroes. The first phase of the program is targeted toward educators, healthcare professionals, childcare employees, and active military personnel. The program offers down payment assistance, reduced mortgage rates, and other helpful benefits.

It will provide zero-interest loans to be used toward down payment and closing costs

The Green Lights Hometown Heroes Housing program will help eligible frontline workers obtain low-interest loans for their down payment and closing costs. Funds from this program do not have to be repaid until the home is sold, refinanced, or paid off. This program is modeled after the Salute Our Soldiers military loan program, which has helped hundreds of veterans purchase homes.

Florida’s Hometown Heroes Housing program will provide down payment and closing cost assistance to front-line workers and military members. The program is open to veterans, active-duty military, and front-line workers in more than 50 professions. The program is designed to make homeownership affordable for these heroes in our communities and will help low and moderate-income homebuyers purchase their first homes.

It is a definite incentive for homebuyers

The state has established a $100 million program to give first-time homebuyers who qualify for low-interest loans a chance to own their own homes. The program will provide zero-interest loans for up to 5% of the loan amount and up to $25K in down payment assistance. The program is administered by the Florida Housing Finance Corporation. Eligible homebuyers can receive zero-interest loans for a down payment or closing costs. They can also receive a zero-interest second mortgage with a 30-year deferred term. This second mortgage will be due in full upon sale or transfer of the deed to the home. The Florida Hometown Heroes loan is non-forgivable and cannot be refinanced.

The program complements other efforts by the Florida government to increase homeownership opportunities for low-income Floridians. It would be similar to the Salute Our Soldiers Military Loan Program, which has helped hundreds of active-duty military and veterans purchase a home. The Hometown Heroes Housing Program would provide zero-interest loans to help homebuyers with their down payment and closing costs. In addition, qualifying homebuyers would receive down payment assistance up to 5% of the first mortgage loan amount. The zero-interest loans would be repaid in full if the buyer sells the home, refinances, or sells the property.

“During the pandemic and beyond, our hometown heroes – the nurses, EMTs, firefighters, law enforcement officers, and educators – were the ones who kept us safe, cared for our loved ones, and taught our children,” says 2022 Florida Realtors President Christina Pappas. “Unfortunately, with skyrocketing home prices, they often can’t afford to live in the communities where they work. The Hometown Heroes Housing Program is a great way to help address this issue.” 

The program will be available to more than 50 occupations and is subject to certain income and purchase price limits that vary by county. DeSantis said mortgage loan officers throughout the state would begin accepting applications for the program beginning June 1, 2022.

“There are 1,000 lenders involved in the program to start providing assistance to essential workers, such as police officers, firefighters, doctors, nurses, and teachers, among other professions,” says Florida Realtors Vice President of Public Policy Andy Gonzalez.

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What is happening with the Interest Rates in Florida?

Posted on by Jenny Zamora

If you are a Florida homeowner, you’re probably wondering what is happening with interest rates. This hike was the Federal Reserve’s latest attempt to combat skyrocketing inflation. But many are wondering how this move will impact the housing market. The truth is that moderately priced homes will probably not be affected as much as higher-priced homes. In the meantime, the rates will increase enough to make buying a home difficult, and even more difficult if the mortgage is more expensive than the current rate.

The average interest rate on a fixed 30-year mortgage in the U.S. reached 5.53% this week, more than double its level from a year ago. Demand for properties tends to soften as mortgage rates climb, eventually leading to a decline in home prices. If mortgage rates continue rising to 7%, home prices in some parts of the U.S. could fall as much as 40%. Sellers in Florida are already starting to lower their prices because of climbing mortgage rates, although it will take a few months. This summer might be the most opportune time for homebuyers.

The good news is that mortgage interest rates in Florida are still lower than the national average. Despite this lower interest rate, home prices, monthly ownership costs, and cost of living metrics in Florida are all comparable to those in other states. That doesn’t mean that buying a home in Florida is any cheaper than elsewhere, but it’s certainly cheaper than many other places. For sun lovers, buying a home in Florida is an excellent option.

Higher mortgage rates add thousands of extra dollars in payments to the homebuyer over the life of the loan. A $429,000 house the median price of a home, according to the St. Louis Federal Reserve Bank, will cost roughly an additional $5,750 per year at today’s rates.

If you’re wondering what’s going on with the interest rates in Florida, you may be wondering how you can get the best deal. As long as you’re paying the right price for the home, interest rates will likely remain relatively steady in the short term. You can also take advantage by refinancing your current loan. But if you’re looking to buy a house in Florida, you’ll probably need to get the right type of mortgage for your needs.

If you’re looking for the best mortgage rate in Florida, be sure to shop around. While you can lock in your interest rate for 30 years, consider a 30-year fixed-rate mortgage. It will provide you with fixed monthly payments for a much longer period of time.

While the interest rates in Florida are lower than the national average, home prices, monthly ownership costs, and other cost-of-living metrics are all at par with the national average. While buying a home in Florida may not be as cheap as buying a home in other states, it is a great option for sun worshippers. If you’re looking for a home in Florida, it’s definitely time to shop around.

In addition to the still lower interest rates, you can also take advantage of housing assistance programs in the Sunshine State. The Florida Housing Department offers various government-backed loan programs and a 0% interest rate loan for closing costs. This loan doesn’t have to be paid back until you sell the house. Aside from the down payment and closing cost assistance, you’ll also be gaining a stake in the state’s booming housing market.

Interest rates in Florida follow national trends. In May, 30-year fixed-rate loans averaged 4.25%. This rate fell to 4.25% in July, August, and September, indicating that the current market is experiencing a downward trend. However, many lenders still offer attractive rates, so it is worth researching your options. Here are the most recent mortgage rates in Florida and where you can find them. You may also be surprised to learn that these rates are still significantly lower than the national averages.

Fortunately, a recent Florida legislative change is helping judgment debtors. A recent change to state law has made interest rates in Florida more predictable. The statutory interest rate is no longer based on the interest rates in effect on the day the judgment was entered. The state legislature attempted to limit interest rates in Florida by setting a ceiling for judgment interest rates and providing a uniform number for some limited situations. These new laws may help judgment debtors in Florida, but only time will tell.

While credit is an important financial tool, it also requires discipline, responsibility, and the right approach to avoid damaging your credit and incurring fines. To get started with credit lines in Florida, contact your local bank.

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Is Orlando Headed for Another Housing Bubble?

Posted on by John Conde

Homes in Orlando Continue Going Up in Price

Is the real estate market in Orlando Headed for Another Housing Bubble? There are a few reasons why the answer is yes, but what is the most likely reason? Several factors can lead to a housing bubble, including an imbalance between supply and demand. A housing bubble occurs when the price of homes exceeds the supply, resulting in competition that drives up prices. When a housing bubble breaks, it is often difficult to recover from the shock. Another contributing factor could be the tremendous number of mortgage forbearances that are soon due to expire. However, there are a few steps you can take to protect yourself from a real estate bubble in Orlando.


First, you must remember that a housing bubble will eventually pop, so you can’t wait around to make your purchase. Once the mortgage rates start to rise, your potential mortgage payment will increase. While mortgage rates are at historic lows now, the market may be heading for another bubble soon. In the meantime, properties purchased today will likely continue to appreciate. This is especially true if you plan on living in Orlando for many years.

The rapid rise in home prices does not necessarily mean that the market is headed for another housing bubble. However, it does indicate that speculative activity is growing in the housing market. If home prices continue to rise without any correction, the real estate market could become oversaturated with investors buying homes for the purpose of quickly selling them for profit. This process, known as house flipping, has been increasing in recent months. While it might seem like a warning sign, it’s not a cause for alarm.

While Florida has a long history of housing bubbles, it has been relatively sheltered from them. While there may not be a bubble in Orlando just yet, it has been in other regions of the United States. According to McGrath, nine metro areas in Florida have experienced home price increases of forty percent or more. In most cases, a housing bubble pops when prices begin to cool off.

If the housing market continues to rise, people will start moving farther out and buying smaller homes and fixer-uppers. This will make it harder for those who can’t afford the more expensive homes to become homeowners. Another factor to consider is gas prices. If gas prices continue to rise, people may be reluctant to buy homes further away from their jobs. In these situations, they may decide to rent instead. The result will be another housing bubble in Orlando.

The Orlando real estate market is experiencing major growth, thanks to booming rental income. The city’s population is growing at a rate of 7.2% annually, and it’s projected to hit one million people in 2020. In 2019, there were only 1,923,000 people in Orlando. The rate of growth is even higher than the Bay Area, so this is a positive factor for the housing market. This means that rental prices are increasing in Orlando.

If Orlando’s housing market doesn’t recover, the next bubble may be the one that comes. Home prices in Orlando are rising at a very fast pace, with median prices at $335,000 and the median sold price at $237,000. This means that the housing market in Orlando is a seller’s market. With so little inventory, it is a seller’s market. With this in mind, it’s essential that you protect yourself and your home from a real estate bubble.

While the housing market is growing at a rapid pace, the real estate market in Orlando is growing faster than most other cities in Florida. This has made the area a very attractive investment opportunity for many people from around the world. With its scenic beaches, growing economy, and intercultural connectivity, Orlando is a hotspot for real estate investment. The median home price has increased 14.6% since November 2019. Those who bought real estate in Orlando during the last bubble have realized a return on their investment.

In Orlando, new home construction is hot, with demand outpacing supply and rising costs of construction materials. This is driving new home prices even higher. The new homes sold in April were up 20% year over year, but this price increase reflects the cost of construction materials and the unsustainable price gains. It will likely price some prospective home buyers out of the market. It will likely take more time for the housing market to recover from this new bubble.

Orlando Real Estate Broker

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Just Listed! Home for Sale in Hunters Creek

Posted on by Jenny Zamora

Open House this Saturday 4/17/21 from 11 am-3 pm
4503 Shanewood Ct. Orlando FL 32837

If you have been looking for a Single-Family Home in Hunters Creek with all the bells and whistles… look no further!

This better-than-new home offers a perfect layout, unique features, and tons of space for you, family, and friends to spread out. You won’t find your typical features in this home!

Even before you walk inside, you will want to take the time to appreciate how much you’ll be able to enjoy this spectacular backyard paradise. The rear outdoor living area is close to 1200 sq feet of Florida pleasure. The area boasts a paver deck, screen enclosure, saltwater pool with solar panels.

Paddle fans and LED soffit lighting with a 2-zone outdoor entertainment system. A fenced-in yard overlooking the pond and the preserve at Shingle Creek. There is a custom outdoor kitchen with a built-in grill/ refrigerator and more. The low-voltage lighting system adds charm to warm summer nights.

There’s no shortage of space here whether you simply want to have a small family gathering or invite others for a large party…this home has the great spaces you want to accommodate all!

The moment you enter the home through the Custom glass and stained front doors, you’ll instantly appreciate the warm and open layout. It starts with beautiful plank tile floors leading you into the formal areas of the home, featuring Key West shutters, custom paint, and trim work throughout the entire home.

This special home has a newer kitchen with tons of storage and deep cabinet pull-outs, granite countertops, tile backsplash in the 20’ x 14’ eat-in kitchen. You won’t ever have to worry about finding cabinet space here. Also Included are all stainless-steel kitchen plus washer and dryer appliances and touch 2o faucets.

The spaciousness of this home doesn’t stop when it comes to the bedroom sizes. The 14’ x 21’ master’s retreat is large and inviting, you may never want to leave it! Complete with a custom closet with a barn door, this room is built with both privacy and comfort in mind.

The master bathroom has two separate vanities each with its own cabinet space, a separate shower, and a soaking tub for those long days where you just want to unwind.

Three nicely sized additional bedrooms along with two fully remodeled baths tie this home altogether. A sunlit fifth room can be used as a bedroom/ nursery or as a home office for those days when you want to work quietly and privately from home.

Every aspect of this home contains a unique feature that you simply won’t find anywhere else. A newer roof, completely re-plumbed, and small features like a Lutron CASETA lighting technology, USB ports strategically located throughout. Loads of small details that take years to achieve and time to appreciate are all right here waiting for you.

A spacious family room complete with a linear gas fireplace, space for a 75” TV, or use the drop-down 110” movie screen. A state-of-the-art built-in Onkyo 3 receiver home AV system is included in this stunning property.

Combine all these features together and it creates a home that easily surpasses anything in the stripped-down new homes you’ll find anywhere on the market.

Hunters Creek has all the amenities you want in a community. Hiking and biking trails, tennis, and basketball courts. Soccer fields and playgrounds and of course dog parks for us pet lovers.

If you’re looking for a unique home with tons of features in a very desirable and convenient location, then this home is the perfect fit for you!

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PMI and How to Get Rid of It: Private Mortgage Insurance

Posted on by Jenny Zamora

How to Eliminate  Private Mortgage Insurance

What’s PMI and why am I paying for it? So many new homeowners, especially 1st time home buyers have no idea what PMI even is. We’ll break down what PMI is and even more importantly… how to get rid of it!

So many homeowners want to know how to eliminate their PMI aka private mortgage insurance.

If you’ve recently bought a home without giving a down payment of at least 20 percent, then you were probably required to get private mortgage insurance. Some new homeowners tend to get so caught up in the excitement of buying their new home, they didn’t even notice their insurance payment was a little high.

In the beginning, you don’t even care… but as the months go by and you check out your mortgage bill you say wow!… my PMI is expensive!

Of course, your first thought is “how do I get rid of this PMI?” This is actually one of the questions I get asked most often as an Orlando real estate agent.

The truth is, getting rid of private mortgage insurance isn’t that hard when you follow a few steps.

What is PMI or Private Mortgage Insurance?

My first-time homebuyers will ask me what is private insurance and why do I need it? Private mortgage insurance is in place to benefit the lender. It ensures the lender will be covered in case you stop making payments on your loan. If the home becomes a foreclosure, then the lender is covered against non-payment.

The lender considers you to be high risk because you didn’t have enough to cover 20% of the contract price. They want to be sure that if you can no longer make your payments, they are still covered. PMI unfortunately can substantially increase your mortgage payment.

For example, if you buy a house for 300k and your PMI is .5%, then you’re paying an extra $1,500.00 per year. That comes to $125 per month. That’s money you could’ve used towards other bills. The kicker is that PMI is of no benefit to you and only benefits your lender… even though YOU pay for it!

How much is private mortgage insurance?

The cost of your PMI will depend on a few different variables like the size of your down payment and your credit score. PMI payments can range from 0.3% all the way to 1.5%.

Generally, a loan with a smaller down payment will carry a much higher interest rate. If trying to decide between a loan with PMI and one without, you need to calculate the overall monthly cost of both loans before deciding.

When you understand these costs, it will help you determine what the best option is for you and your current financial situation. You should also consider other popular loan programs like an FHA mortgage.

No one wants to overpay on a mortgage because that’s just throwing money away! That’s why knowing exactly how to cancel your private mortgage insurance is of extreme importance to you.

How is PMI paid?

If you have to pay PMI, you should know how it will be paid. Ask your lender if you have a choice on how to pay for your PMI.

The 3 most common ways you can pay PMI:

  • A monthly payment which is rolled into your mortgage payment.
  • A 1 time fee when you close AKA single premium mortgage insurance.
  • Combination of monthly payments with a partial payment at closing.

Eliminating PMI Early

How can you stop paying PMI altogether? It’s pretty simple, all you have to do is pay down your mortgage to 80% or less.

Easier said than done for a lot of folks. Most homeowners in Orlando will take some time in getting to that point. Although this is the only sure-fire way to get rid of PMI early, you may want to consider these options:

Refinance to stop paying private mortgage insurance

You may be able to refinance your home if you believe your home has gone up in value. If you can qualify for a loan for less than eighty percent of the home’s worth, then you may be able to get rid of your PMI.

A few things to consider here… You need to decide if your loan rate makes sense financially. If your payment ends up being the same because of the higher interest rate, then it probably doesn’t make sense to refinance.

Get an appraisal to end PMI early

If you believe your home has truly gone up in value, you might be able to convince your lender to drop the PMI. By having a new appraisal done, if your house has gone up in value enough, there’s a chance you might be able to convince your lender to drop the PMI altogether.

The appraisal will need to prove that your home’s current value will hit the 80 percent threshold. Before ordering an appraisal, you need to make sure your lender is on board. If not then you’ll just be wasting your money on an appraisal you don’t need.

Upgrades may help you stop paying PMI

Another way to increase your home’s value so that it reaches the 80% mark is to do some remodeling. Keep in mind that not every upgrade will add value so you have to know what to upgrade. An experienced Realtor can give you some great advice when it comes to this.

At this point, you should go over the numbers to see if it makes financial sense to spend the extra money.

Increase your mortgage payment amount to end PMI

I have always believed this is a great thing to do regardless of PMI because it takes years off your mortgage. Even making small increases of $50 or $100 to your monthly mortgage payment can have a dramatic effect on your bottom line.

Obviously, the more you can pay at a time, the faster you will be to the point of getting rid of your PMI.

The best part is that you have the extra benefit of paying your house off much faster. Be sure to let your lender know that the extra payments are towards the principal only. Out of all the ways of ending PMI early, making extra mortgage payments towards principle gives you the most benefit.

Ending PMI early when you hit 80% equity

If you are in a position where you owe the bank 80 percent or less of your loan amount, then call your lender and ask for the insurance to be canceled. If you are in good standing with the lender, it shouldn’t be a problem. They will require you to submit your request in writing.

Requirements to cancel PMI

These are the requirements to cancel your PMI according to the Consumer Financial Protection Bureau

  • Request to cancel PMI must be written.
  • Your payment history must be in good standing.
  • You may be required to show proof of other debts such as lines of credit
  • A recent appraisal proving the home reaches the 80% threshold

Read the fine print on your mortgage

It’s smart to look over your mortgage docs with a fine-tooth comb so you are clear on terms and you should read every document your lender sends you. Track your payments to check how much you’ve paid off so far so you know where you stand.

You should also be watching your local real estate market to be aware of your home’s current value. In certain conditions, the value of your home can increase a lot faster than you would expect.

Consult with your Orlando Realtor to find out what your home’s current value is. You might be ready to eliminate your PMI faster than you think!

Be sure to use a Real Estate agent who knows how to value a home accurately. Unfortunately, many Realtors in Orlando fall short when it comes to determining a home’s value accurately. This is a skill that takes years of practice and experience.

My final thoughts on ending PMI early

You should now have a much better understanding of what PMI is and what a waste of money it is that you’re paying to your lender month after month. You should make a plan using the information in

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