Florida’s Hometown Heroes Down-payment Assistance is Back!

The Florida Housing Finance Corporation (Florida Housing) has exciting news for full-time workers in the state of Florida! Florida’s Hometown Heroes down payment assistance program is back, thanks to an infusion of $36 million in additional funds.This initiative aims to provide financial support to eligible full-time Florida workers earning less than 150% of their county’s area median income (AMI). Qualified homebuyers can receive down payment assistance of up to $35,000. That’s up to 5% of their initial mortgage loan amount.To kick-start the process, potential homebuyers need to:engage with one of Florida Housing’s participating loan officershave a minimum credit score of 640be a first-time homebuyer (veterans are exempt from this requirement)The History of Florida’s Hometown Heroes Program FundingFlorida’s Hometown Heroes program received a significant boost in July 2023 when the Florida Legislature allocated $100 million to help people purchase their first homes. The program was so popular, the funds ran out within two months. Still over 6,400 families were able to buy their first homes thanks to the Hometown Heroes Program.Seeing the overwhelming demand and the rapid use of funds, Florida Housing has re-opened the program by “redirecting additional resources”. An extra $36 million has been allocated to continue helping first-time buyers become homeowners. Here are some important things to know about the program:The funds are going fast! In less than a week the fund is down to $29 million from $36 million where it started. If you’re interested in taking advantage of the these funds, you’ll have to move fast.Funds can be used for your down-payment, for your closings costs or to buy-down your interest rate! This is HUGE because a lower interest rate will help make your monthly mortgage payment more affordable.The funds are not free money – The good news is the Hometown Hero program’s interest rate is lower than other down-payment assistance programs. You won’t have to pay the funds back until the mortgage is paid off. The not-so-good news is that if you sell the house, refinance it or turn it into a rental, the funds must be paid back immediately.All-in-all the Hometown Hero program is a terrific opportunity for first time buyers. If you’re ready, don’t wait! Call me or my mortgage partner Todd Disharoon of PRMG to get moving today!The post Florida’s Hometown Heroes Down-payment Assistance is Back! appeared first on Sherell Wolford.

Property Insurance Rates not Likely to Fall Anytime Soon

In spite of attempts at reform by the Florida Legislature over the last few years, insurance experts say they don’t see insurance premiums coming down any time soon. What’s more, Florida homeowner’s insurance premiums are the highest in the nation – and still rising. Here are some reasons why insurance in Florida is so expensive:Lawmakers and insurance companies say that “excessive,” “abusive” or “fraudulent” lawsuits are the main culprit for rising premiums. Insurance companies serving Florida have passed the cost of these lawsuits on to the consumer. The legislature’s response has been to pass laws that make it more difficult for homeowners to sue their insurance companies. While some say these laws have stabilized the insurance industry, no one has a timeline for when Florida homeowners might see some relief.Another problem is a lack of viable insurers. The shrinking pool of insurance companies is also driving premiums up. Since 2017, eleven property and casualty companies that covered Florida have liquidated; five just in 2022 alone. Other major carriers have announced plans to leave the state entirely (Farmers Insurance) or to not renew certain policies (Progressive and AAA).  While six new companies have been approved to start coverage in Florida, it remains to be seen if this will create enough competition in the marketplace to bring insurance premiums down.Increased costs to repair or replace damage in Florida are also contributing to high premiums. Experts say these costs have increased 55% between 2019 and 2022. More frequent and intense weather incidents aren’t helping. Increasing home values are also a major factor. Insurance companies are passing those costs along to the consumer as well.Sources:https://www.orlandosentinel.com/2023/10/10/dont-expect-property-insurance-overhaul-next-year-key-florida-senator-says/https://www.pnj.com/story/money/2023/10/25/florida-home-insurance-recap-whats-driving-rates-up-whats-next/71301666007/https://www.wptv.com/money/real-estate-news/6-new-insurance-companies-approved-in-florida-as-state-looks-to-reduce-citizens-insurance-policies The post Property Insurance Rates not Likely to Fall Anytime Soon appeared first on Sherell Wolford.

Hot Apple Cider Recipe for Cool Florida Nights

This Hot Apple Cider recipe is guaranteed to warm your heart as well as your hands. Just a few simple ingredients will put you in the fall spirit – even in Florida!Ingredients:3 cinnamon sticks1 tsp black peppercorns1/2 tsp whole cloves4 cups unsweetened apple juice1/4 tsp ground nutmeg1/2 tbsp. orange zestpure maple syrup (optional) for sweetenerDirections:Combine cinnamon sticks, peppercorns and cloves with apple juice in a sauce pan and cook over medium-high heat until aromatic, about 4-5 minutes, stirring frequently.Stir in ground nutmeg and orange zest.  Bring to a boil.Reduce heat and simmer for 15-20 minutes, depending on how strong you like your cider.Pour juice through a fine-mesh sieve, into a mug. Allow to cool slightly. Sweeten to taste with pure maple syrup or your favorite sweetener.Source:  https://www.asweetpeachef.com/hot-apple-cider/Have a great recipe you’d like to share? Contact me to get it published in a future newsletter!The post Hot Apple Cider Recipe for Cool Florida Nights appeared first on Sherell Wolford.

I Got a Low Appraisal. Now What?

Q: My house is under contract but we got a low appraisal. Am I stuck with this low appraisal?A: Possibly, but you still have options. A low appraisal doesn’t necessarily mean a low sale price.Appraisals are an extremely important part of the real estate sales process. Their purpose is to determine the fair-market value of real estate so that sellers and buyers make good decisions about pricing. They are NOT, however, the final determinant of price. That part is up to the seller and the buyer.Appraisals can be challengedWhile we rely on appraisers to be objective, they are only human. If the appraisal comes in lower than expected, a good Realtor® should be able to challenge the findings with their own comparables and property information. In most cases you can also ask for a second appraisal. A different appraiser might come up with a different value.There’s still room for negotiation. Even if the original appraisal stands, that doesn’t mean you have to lower the price. The seller and the buyer can still come to an agreement where the buyer pays all or part of the difference between the appraised value and the purchase price. Just keep in mind that the buyer won’t be able to finance the difference. They will have to put forward cash.What if you can’t make a deal? If the seller and buyer can’t come to an agreement, or if the buyer doesn’t have the cash to pay the difference, the seller may have to accept the appraised value and lower the purchase price. If the seller is unwilling to lower the purchase price, they can always put the house back on the market, however, if the appraisal was done for a VA or FHA loan, it is now set in stone for one year. The only way to get a new appraisal is if the next buyer is paying cash or using a conventional loan.Get the appraisal done firstIn some cases, you can avoid these pitfalls by getting an appraisal done BEFORE you put your house on the market. A great Realtor® will be able to point you in the right direction.You know the one! Call me today for a list of qualified appraisers in your area!Got a real estate question you’d like to have answered? Send me your question using this link!  The post I Got a Low Appraisal. Now What? appeared first on Sherell Wolford.