The Secret To Housing Affordability Despite High Interest Rates

By Corrie Forcet, Realtor® of The Forcet Group | KW Suburban Tampa

An Experienced, Consultative Realtor Can Guide You Toward Money-Saving Programs

And Marketing Tricks Which Help Compensate For Higher Interest Rates

There are a number of government-assistance programs on the federal and state level which support low-income and high-minority census tracts. Regardless of whether you’re considered a low-income household or a member of a minority, by simply buying in such a census tract, you’ll find yourself eligible for all sorts of mortgage-related help.

True, high-interest rates make purchasing a home in this market challenging. However, the United States government has long believed that homeownership is good for households and vital for communities and therefore provides programs on a federal and state level to assist homebuyers during a high-interest rate climate.

For Example:

• Census Tract Programs: Sellers and Buyers can benefit from these incentivized programs available through mortgage lenders. Homes within a high-minority or low-income census tract may be eligible for programs that secure a loan with excellent features and simple qualifications. For buyers, this could mean little to no money down. For sellers, marketing this eligibility can attract otherwise disinterested buyers far and wide!

• First-time home-buyer programs: Entering into the market in a high interest-rate environment can seem impossible. However, many lenders work with qualified first-time homebuyers, offering downpayment & closing cost assistance.

• Hometown Heroes Housing Program: This program makes homeownership affordable for eligible frontline community workers such as law enforcement officers, firefighters, educators, healthcare professionals, childcare employees, and active military or veterans. Features include lower than market rates on a first mortgage, reduced upfront fees, and down payment and closing cost assistance

This is a mere sampling of affordability programs available for Florida buyers. Sellers can also benefit from utilizing a rate buy-down to attract buyers and stand out above the rest. An experienced Realtor can guide you through these valuable options and help you become successful in today's housing climate.