The FHA (Federal Housing Administration) has helped millions of Americans to get their dream homes in Central Florida, since 1934. The FHA does not provide home loans or set interest rates. It only provides mortgage insurance on loans from FHA-approved lenders, against defaults. And in case you didn't know...it's not just for first time homebuyers!

An FHA loan can be used to buy or refinance a new or existing single family house, a condo unit, or a manufactured or mobile home, provided that it is on a permanent foundation.  

What benefits does the FHA Loan Program offer to those buying a home in Orlando Florida?

The FHA Loan Program offers many benefits, including competitive interest rates, and a smaller down payment. It also offers easier qualification, and there is no need to have perfect credit. Greater Orlando area home buyers get more protection, helping them to keep their homes.

The FHA Loan Program is ideal for first-time home buyers in Central Florida, who are worried about qualifying for home loans. It is also suitable for non U.S. citizens, those who don't have perfect credit, and those who want to keep their monthly mortgage payment as low as possible.

People who are concerned about being able to pay their monthly installments, and are worried that they may go up, can also opt for the FHA Loan Program.

Need more information about Orlando Real Estate, the home buying process or the FHA loan program?  Contact your local Seminole and Orange County Realtor today for a consultation.

You need to work with a Professional who understands these differences and how your home compares to the current Real Estate Market, how best to present your home, and who guide you on the road to a successful home sale.

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

SOLD:  How to attract more Orlando Florida home buyers with seller financing

Like honey draws bees, creative financing can draw home buyers in Orlando Florida to the doorstep of your home for sale. Many Orlando area home buyers are motivated to buy but need help meeting mortgage-qualification rules, especially today. You can help a prospective home buyer finance the purchase of your house (and speed your sale) in several creative ways. 

Seller holds first mortgage.

When selling a home in Orlando Florida, you can lend the home buyer the money, pocket the interest payments, and hold the mortgage on the property, as long as there is no current mortgage. The tax benefits are you may be able to pay income tax only on a percentage of the principal and interest that you get each year. You probably will want a 20% down payment (to discourage default on the loan), and you'll need an attorney to draw up a deed of trust and promissory note.

Seller holds second mortgage

You can help fill the gap between other sources of financing and the sales price of the house. The second mortgage is usually for a smaller amount than a first mortgage but is riskier since it could be wiped out by defaulting on the first mortgage. Real Estate financing can be tricky, so be sure to have your interests legally protected by your attorney.

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If you've found your Orlando dream home, but don't have the money for a down payment, you may want to consider using a Central Florida down-payment assistance program to help make that dream come true.

What is down-payment assistance?

Down-Payment assistance is a program provided by non-profit organizations to help low-income families acquire the down payment, closing costs and other up-front expenses required to purchase a home. It may surprise you to know that almost one fifth of borrowers with an FHA mortgage utilize a down-payment assistance program.

The three most recognized non-profits offering down-payment assistance are AmeriDream Inc., Partners In Charity, and Nehemiah.

For first-time homebuyers, I should start at the beginning by explaining what a down payment is and why it is often required.  A down payment is money a home buyer must come up with out of his or her own pocket in order to qualify for a mortgage.  It is typically anywhere from 3% to 20% of the home's purchase price.  In the past, 20% was most commonly required, but to make home ownership more accessible, requirements have been relaxed.  Today with an FHA loan, the down payment can be as low as three percent.

Lenders require a down payment in order to reduce their risk of the borrower defaulting on the loan.  The more money someone has invested in their home, out of their own pocket, the less likely they are to just walk away.  Also, as we're currently seeing prices fall in many areas of Orlando, Central Florida and around the country, lenders want a down payment to ensure they are not lending more than what the home will be worth in 6 months.

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How To Buy The Most Home For Your Money In Orlando Florida

You're neither rich nor poor, and you're ready to buy your first home in Orlando Florida. You look around...So many homes on the market in Central Florida! All seemingly priced out of reach!

Cheer up. You're not alone. With some solid real estate counseling and some help from lenders and/or home sellers and others, you can not only get your toe in the door, but you can own the house too. It just takes some creativity, a few inside tips from a top real estate agent, and a bit of homework. 

Examine your goals

How ironclad are your dreams? Can your ideal of a formal dining room or a hot tub on a redwood deck be postponed? Must you have a two-car garage? Lowering your expectations and starting out modestly (in good housing that meets your needs) can lead to owning those dreams -- in time.

Start saving for a down payment or closing costs

Get your priorities straight. Without taking all the fun out of life, what's more important to you, weekends on the road and dinners out or stashing away at least part of your down payment for your new home? (Although 100% financing is still available, most lenders want to see that some of the money you invest is your own...and it will dramatically reduce your monthly payment!)

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Buying an Orlando home can be confusing when you do not have all the information that you need.   The Orlando Property Group is here to assist you through the confusing maze of information so you can be an informed consumer. Don't find the information you need here?   Call us!   We will be happy to answer the questions you have!

First Time Home Buyer

• Attention Orlando First-Time Homebuyers!!
• Must-Know Real Estate Terms For Orlando Florida's First-Time Buyers
• How can a real estate agent help a first time buyer?
• Guide for First-Time Homebuyers in Seminole & Orange County Florida - Part One of Two
• Guide for First-Time Homebuyers in Seminole & Orange County Florida - Part Two of Two

Finances & Taxes

• Down Payment Assistance Programs
• Why Are FHFA Home Prices Rising?
• Orlando Home Buyers - Understand Your Credit Scores
• Mortgage Rates Below 6 Percent Help Orlando Home Buyers
• Orlando Homes More Affordable for First-Time Buyers and Retirees
• Buyers Shouldn't Dismiss All ARMs
• How Do You Buy The Most Home For Your Money In Orlando Florida?
• Tax Exemption for First Time Homebuyers

Why Purchase a Home

• Buy a House to Combat Inflation Warren Buffett Advises
• Important Steps when Buying Fixer-Upper Homes
• Four Reasons to Buy Orlando Real Estate Now
• IS THIS A GOOD TIME FOR ME TO INVEST IN ORLANDO REAL ESTATE?

Contract Negotiation

• Buying A Home In Orlando? Here Are The Secrets To Making A Lowball Offer!