Many folks pass by the opportunity of buying the home of their dreams; some believe is just impossible at this time, others blame it on not having enough cash for the deposit or closing costs and the rest think their poor credit won’t allow them to obtain financing.
But guess what? If you are a Florida resident, we’ve got great news for you! There are a variety of programs that can help you make your dream come true, here are just a few:
Government assistance for your downpayment (up to 100%)
Special programs for Veterans of the Armed Forces
Home financing with only a 3% downpayment
Buying incentives for properties in rural areas
Loans with less requirements (although with higher interest rates)
All of that sounds great, but are there any programs for foreign investors?
If you are foreign investor, there are also financing programs available! Typically, foreign investors are able to obtain financing with a 25% down payment for a term loan of 30 years. Regardless of your situation, there are many possibilities to buy a property in the State of Florida. The question I have for you is… Why rent when you can buy?
If this question has made you consider making the move from renting to buying, it is important to address the elephant in the room, or the highest expense in the purchase of a home: The Interest Rates! Did you know that the interest rates have been stagnant at historically low rates? The million-dollar question is how much longer they will remain at this record low…. The trend for interest rates is to rise as the economy recovers, and in the face of the current economic climate is almost a guarantee that they will eventually rise, which will make the cost of acquiring a home much higher than what it is today. Therefore, I’ve got a second question for you… If you are considering buying, what are you waiting for?
Remember that aside from the obvious benefit of owning your home or making a second real estate investment, owning real estate also brings other benefits, such as:
Better cash-flow (in many cases, the monthly cost of the mortgage is lower than a rent payment)
Real estate appreciation
Multiple tax deductions or benefits
Potential income by renting a portion your home or sharing living expenses with a roommate.
So what are you waiting for? Every day you wait to get started will cost you more in the end! Contact us today to schedule a personalized consultation with one of our expert agents. I guarantee that you will not regret it!