How Much Do You Really Need to Put Down on a Home?

Posted by Florida Realty Marketplace on January 7th, 2019

Buying a home is often one of the most expensive endeavors one will take throughout their life, so it’s not surprising that saving for a down payment remains a major hurdle for many Floridians on their path to homeownership. But although a 20 percent down payment is considered ideal, it’s not actually as common as you might think, nor is it a necessity to buying a home.

The majority (52 percent) of buyers put down less than 20 percent on their new home.

Typically, you have to put between 3 and 20 percent of your home’s sale price down in cash to qualify for a conventional loan (30-year fixed mortgage), but there are exceptions. If you meet eligibility guidelines, you might qualify for a home loan with a  zero-down payment through Veterans Affairs…

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The Truth Behind Housing Data

Posted by Florida Realty Marketplace on September 29th, 2017

National home sales are falling, and according to Zillow Chief Economist Svenja Gudell, the housing industry needs to stop sugarcoating the truth behind the data: the U.S. is severely under producing housing.

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According to Gudell’s reaction to August new home sales, which fell 560,000 (SAAR), down 3.4 percent from July and 1.2 percent from 2016, housing inventory is stuck at roughly mid-1990s levels despite the fact that the country has grown by more than 60 million people since that decade.

Though buying conditions are great in theory, considering jobs and incomes are increasing, and interest rates are keeping financing costs low, Gudell said a lack of homes available to buy at a reasonable price point is missing…

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Is the FHA mortgage your best home loan?

Posted by Florida Realty Marketplace on September 6th, 2017

Deciding on an FHA mortgage

The Federal Housing Administration (FHA) loan program is established in 1934 to help home buyers with smaller downpayments, modest incomes, and / or credit challenges.

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An FHA mortgage might be your best route to homeownership if you face any of these hurdles.

Today, however, FHA loans face competition from other products, and one of them might be a better fit for you.

Weigh the benefits of FHA against those of similar products to find your best mortgage choice.

Alternatives to FHA

There are several government-backed and non-government (conventional) options that also offer low down payments and flexible underwriting.

They include Fannie Mae and Freddie Mac (conforming)…

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Is it safe to waive real estate contingencies when you buy a house?

Posted by Florida Realty Marketplace on September 6th, 2017

When you buy a house, it's a jungle out there

Contingencies are magical little contract clauses that can prevent you from losing your shirt when you buy a house. And yet – as home prices have increased and inventory has shrunk – the need for contingencies is increasingly open to question.

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After all, if you see a nice house at a good price, won’t it attract multiple offers in today’s hot markets? Doesn’t it make sense to dump your contingencies to out-gun other bidders?

To answer this question we first need to take a basic look at the real estate contracting process.

Offer, acceptance and counter-offer

Picture a property listed for $400,000. A couple comes along and says, "We'll pay you $400,000 for your…

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