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FHA - Many times when we hear about first time buyer programs, what we are really talking about is an FHA loan. This type of loan is guaranteed by the Federal Housing Administration. You still have to qualify to obtain financing, but FHA can be more forgiving than conventional loan programs. The biggest benefit of using FHA financing is that the down payment can be as little as 3.5%, while a conventional loan may require you to pay up to 20% of the purchase price as a down payment plus closing costs. FHA will also allow you to ask the seller to make a contribution toward your closing costs. You may also be able to accept a gift from a family member toward your closing costs.
Check out this brief video about FHA loans courtesy of Geoffrey Archer with OnQ Financial
Down Payment Assistance - There are also other assistance programs that actually help first time home buyers with the down payment. These are typically down payment assistance programs operated by local, state and federal governments. These programs may require you to attend home buyer classes, and may be strictly limited based on the economic status of the buyer. This can make them difficult to obtain, because you have to make enough money to qualify for the home loan. However, you cannot make too much money, or you may not qualify for the down payment assistance. These programs are also very under-funded and often do not have funds available to offer assistance. Many bank owned properties will not work with these types of assistance programs, because of the lack of funding and frequent delays.
Orlando Real Estate
We always talk about location, location and location being the top three considerations when buying #realestate, but proximity to doctors and healthcare may not be at the top of mind when looking at locations for your home. In our multi-generational home, access to healthcare services had to be a bit higher on our list of considerations. As I mentioned in my last blog about our #multigenerationalhome https://activerain.com/droplet/5jX6, both our mothers moved in with us. What I did not mention is that both had fairly significant health concerns, and saw multiple physicians regularly. Most of their physician offices were centrally located around downtown Orlando, which narrowed our prospective areas for our home search.
Great SoDo neighborhood near hospitals
Keeping our search close to downtown also kept us close to the two major hospitals in the area. Thankfully, over the past 15 years we did not need have many occasions to use the hospital services. We did however make dozens of trips to the doctors’ offices every year, so finding a home near them saved us countless hours of driving and allowed our mothers to keep seeing their trusted physicians.
If you are going to be searching for a multi-generational home in the #Orlando area, please give me a call. I would love to help you with your home search. #OrlandoRealEstate #Realtor #realestate
A lot of people may write or report on multi-generational housing, but for the last 15 years, I have lived it. The biggest consideration for our family was making sure each generation had their own space. We actually had both our mothers living with us, although I always say we moved both mother-in-laws in. We also had our two daughters, and for several months our niece even stayed with our family. Each mom needed her own room and bathroom, the girls could share a large room and bath, and my wife and I, of course, would get the master suite. Since neither mom could negotiate stairs very well, we had to find a house with at least three bedrooms and three bathrooms on the first level. We were also looking for an extra room, so the mom’s could have a place to get away and watch television or read. Additionally, since my mom was still driving at the time, we really wanted a three car garage. We found ourselves looking for a five bedroom, four bath, three car garage, one story home. All the other usual considerations, such as school district, location and price range were still important.
We found a fantastic home in #BaldwinPark.The Dorchester model by Issa Homes was ideal, with a big dining room for family meals, separate office, formal living, master suite, and four other bedrooms with two additional baths on the main level.
Baldwin Park, Orlando
There was a large bonus room over the garage with another full bath for our daughters. I think that making sure each generation had their own space was huge for us being able to live together in relative peace. This was our home for 10 years, until both daughters left for college, and my mother-in-law passed away. We downsized with my mother a few years ago, and actually got along pretty well in a smaller home until my older daughter returned home to attend grad school. It has been hardest on her, since she has been sharing a bathroom with my wife and I, and she really does not have any space where she can escape to, except her bedroom. My daughter is about to wrap up graduate school, and will likely be moving out in the next few months, so we will be back to just two generations in our household.
If you are considering a multi-gen home in Orlando, give me a call. I’d love to help your family find the right place to call home.#OrlandoRealEstate #RealEstate #Realtor