The ingenious ways Floridians are coping with the shaky property market

Even though cash is king in today’s real estate market, not everyone has access to that type of money. A down payment on a new house can be difficult to come up with. What can people do to get into the house of their dreams? We talked to local professionals to learn how to get there.

At Greater Orlando Realty USA, Mike Allende has been a real estate agent for 21 years. In certain circumstances, he may not even require his customers to put any money down in order to discover their dream property, but he still scours the MLS every day to help them find it.


“I was able to take advantage of a USDA program called rural development. Buying a house in a rural region may allow you to avoid making a down payment because you will be eligible for 100% financing “In no way,” Allende said.



Allende was able to find the house of his dreams thanks to that program.

“It was a simple transaction. It’s a fantastic tool to have at your disposal. You can get zero-down VA loans for war veterans, but USDA rural loans are open to anyone who lives in a rural area “Allende mentioned this.

The buyer must meet additional requirements, but he or she doesn’t have to relocate to the outskirts of the city to receive aid with the down payment.

There are a plethora of options available, and the top real estate brokers partner with lenders who are well-versed in them.

“There may be a new program that the realtor is unaware of, therefore Rose Kemp, Treasurer of the Orlando Regional Realtor Association, recommends that you keep in close contact with your lender and have a positive working relationship.

The Florida Housing Finance Corporation was established by the state government 40 years ago to provide citizens with low-cost housing options.

There has been an increase in their down payment aid from $7,500 to $10,000 in the recent past.



Lender-approval is all that’s required of first-time homebuyers.

A total of $38 million in financial assistance and 300 home loans were made available in 2021.

“Among our clients are financial institutions such as banks, credit unions, and home mortgage lenders. For first-time homebuyers, we offer an additional menu option,” said Trey Price, the Florida Housing Finance Corporation’s executive director.

Many first-time homebuyers are turning to friends and family for help when they don’t qualify for any government programs.

“There has been a recent trend of family members lending a hand to other family members and providing their down payment,” Kemp added.

The lender must authorize the donation and ensure that it complies with all of its rules.

If you’re worried that you won’t be able to compete for cash because you don’t have that lot of money, Allende says don’t fret. They go toe-to-toe in this battle.

“The crucial thing is that the lender offers a good pre-approval letter confirming that the buyer is ready to move and has all their ducks in a row,” Allende added..

We did it together. In today’s market, patience and faith can be a winning combination, even if cash is king.


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