If you are renting in Orlando, it is no secret that cost to rent an apartment is rising fast. Well, according to a recent report from RealtyTrac, Orlando is one of several markets in the United States where rent takes up more than a third of the average household income. The report also stated that Orlando is one of 48-markets in the US where buying is more affordable than renting! The rent for the average Orlando rental takes up 43% of the average household income while the cost to own a home average 35% in the metro Orlando area. There are many options for those that are renting to help you become a homeowner and here at OneBlue Real Estate, we can help.
Rent to Own
Let’s face it, the internet is filled with rent to own scams here in Orlando requiring you to put large amounts of money down. As the old saying goes, buyer beware. Here at OneBlue Real Estate, we are proud to work with the most transparent and fair rent to own program available on the market. The process starts out with only a one year lease and the standard security deposit and give you an exclusive right to purchase the home. You can learn more about the program right here on our website.
FHA Home Loans
Many first time homebuyers I talk to think they need 20% of the purchase price as a down payment. Depending on the home you choose, you can get an FHA loan on a home up to $275,000 with only 3.5% down! The FHA home loan program also allows for credit scores as low as around 600 and you can get an exception for medical collections on your credit report.
VA Home Loans
If you served our country in the US Armed Forces then you deserve the respect and gratitude of our nation. As the son of 30-year retired Master Chief Petty Officer and a 100% disabled veteran, I more than most know what our veterans go through each and every day. One of the benefits you get as veteran is a VA Home Loan which allows you the ability to purchase a home with NO MONEY DOWN! We specialize in helping veterans and work with several amazing lenders that also focus on serving our veterans.
Those are just three of the top options to get you into a home today with little money down.