Making The Move, Part Two
Florida’s fast-growing population, robust job growth, and new industries all make for a hot real estate market. Although the housing market in South Florida had softened a bit in the past year, according to the latest report from The Florida Board of Realtors, this past summer’s market saw steady trends with encouraging signs for both buyers and sellers. Overall, the report indicated that a balance had been obtained—giving buyers opportunities while setting the stage for sellers to benefit from tightening supply.
What does that mean for you? As I mentioned in last week’s column, many are expecting an influx of buyers as the NYC mayoral race draws closer with an absolute deluge if the dreaded results actually come to pass. Following the chagim, local realtors are preparing for a marked surge in activity. Anyone seriously considering a move should begin preparing now. The first step, of course, is to determine if you are in the position both financially and socially to uproot your family and leave your present home in the rear-view mirror.
Also alluded to last week: the state of Florida has developed many incentives to welcome those wishing to join its population. First and foremost is the Homestead Program. Florida’s homestead law provides substantial benefits to property owners, including a significant property tax exemption (up to $50,000 reduction) and broad protection from creditors. In addition, those residents who achieve “Homestead Status” no longer have state income tax obligations. To qualify, you must own the property, make it your primary residence by January 1 of the application year (meaning you maintain presence in that home for a majority of days within the year—six months and a day, not necessarily consecutively), and apply with your county property appraiser. The property tax exemption reduces your taxable value, while the protection against creditors is enshrined in the state constitution, preventing forced sale of your home for most debts.
Most significantly, Gov. Ron DeSantis has made it clear that reducing property taxes for homeowners is a priority during his final two years in office. The governor has proposed a ballot amendment in 2026 to give Florida voters the choice to get rid of taxes on homestead properties altogether. “That would allow Floridians to be able to own their home without having to pay rent to the government,” Gov. DeSantis said.
Definitely, I would recommend first consulting with a financial advisor to determine if and how you are prepared to purchase a Florida residence. Can you pay cash? Do you need to sell your present home first? Are you eligible for a mortgage? (By the way, paying cash does not preclude you from obtaining a mortgage, rather it just removes the financing, insurance, and appraisal contingencies from the contract.)
Many think that to obtain a mortgage your choices are Conventional, FHA, or VA and that’s it! That’s not the case at all. A knowledgeable and experienced mortgage broker should be aware of literally hundreds of choices and absolutely every product available. Since every person and property is unique, it is important to be aware of every option. For instance, a buyer may be entitled to countless programs that are available in Florida but not in other states. If you are choosing a non-Floridian, they must be licensed in Florida as well.
The Florida Housing Finance Corporation (Florida Housing) offers several programs for first-time homebuyers in Florida, which can provide 30-year fixed-rate mortgages and down payment assistance. There are also federal loan programs and local city- and county-level assistance options available.
To be eligible for most Florida Housing programs, you must not have owned and occupied a primary residence in the past three years. You typically need a minimum credit score of 640 and must meet specific income and purchase price limits for your county.
These programs are administered statewide by Florida Housing through a network of approved lenders. They must be used in conjunction with a Florida Housing first mortgage.
The Florida Hometown Heroes program in particular is an amazing option for buyers in many different careers. Once imagined for veterans, police officers, and firefighters, it now allows doctors, nurses, EMTs, paramedics, therapists, teachers, and so many others the amazing benefit of a second mortgage at 0%! It provides up to $35,000 in down payment and closing cost assistance as a 0%, 30-year deferred second mortgage. The first mortgage also comes with a below-market interest rate and reduced fees.
Florida Assist (FL Assist): A 0% deferred second mortgage of up to $10,000 for down payment and closing costs. No monthly payments are required. The loan is repaid in full if you sell the home, refinance the first mortgage, or no longer occupy the property.
Florida Homeownership Loan Program (FL HLP): A 15-year, fixed-rate second mortgage of up to $10,000 at a 3% interest rate. This loan requires a monthly payment, which is considered in your debt-to-income ratio. The loan must be paid in full if you sell, refinance, or no longer live in the home.
HFA Preferred and HFA Advantage PLUS: This is a forgivable second mortgage that provides 3%, 4%, or 5% of the loan amount for down payment and closing costs. The loan is forgiven by 20% each year, becoming fully forgiven after five years, as long as you continue to live in the home.
Next issue: Location, location, location.
Cheri F. Rosen, of Lang Realty, has been a REALTOR® in South Florida since moving to Boca Raton over a decade ago. You can learn more about real estate in South Florida by calling Cheri at 561-221-2233 or visiting Cheri’s website: southfloridacondosandhouses.com or just Google the words Orthodox Boca. Cheri’s website is the top search result. Submit your personal questions and concerns to Cheri, and they will be answered personally, or anonymously in future columns.
