For Potential Home Buyers in Florida: Additional $36 Million Hometown Heroes Funds Available November 6th

Written by Gulfside-WpAdmin on 2023. Posted in Blog

Breaking News, Florida Home Buyers: Additional $36 Million Hometown Heroes Funds Available NOW!

Florida Housing Lenders have reason to celebrate as an exciting development has just been announced that could make homeownership dreams come true for many individuals in the Sunshine State.

At its October 27th meeting, Florida Housing’s Board of Directors approved the allocation of an additional $36 million to the Hometown Heroes (HTH) Loan Program.

This program has been a remarkable success, assisting over 13,000 eligible first-time borrowers who live and work in Florida. The news of this financial boost is set to bring renewed hope to potential homebuyers across the state.

What is the Hometown Heroes Loan Program?

The Hometown Heroes Loan Program is designed to support those who are diligently serving their communities but who are in need of financial assistance to purchase their first homes.

The additional $36 million allocated to this program is a testament to its effectiveness and the positive impact it has had on aspiring homeowners in Florida.

You Must Act NOW

The most crucial piece of information for prospective homebuyers is that this additional funding will become available on Monday, November 6th.

However, it’s important to act swiftly because the demand for HTH funds is expected to be high, and the available funding may be committed quickly after its release. This means that if you are considering applying for this program, it’s essential to get prepared and ready to move forward as fast as possible.

It is also important to note that additional funding for the HTH Program is not expected to be available until sometime in 2024.

A Narrow Window of Opportunity

The opportunity to secure a portion of this $36 million is a limited one.

Reservations should only be made for loans that can meet the program’s timeline, which stipulates a 60-day window from Loan Reservation to Loan Purchase by the servicer, Lakeview.

Who is Eligible?

To be eligible for the Hometown Heroes Loan Program, borrowers must be employed full-time by a Florida-based employer and work 35 or more hours per week. This is an essential requirement to keep in mind when considering your eligibility for this program.

This additional funding is a fantastic opportunity for potential homebuyers in Florida, particularly those who have been tirelessly serving their communities.

Whether you’re a first-time homebuyer or you know someone who is, this financial boost to the Hometown Heroes Loan Program offers a chance to achieve homeownership dreams.

Florida Housing encourages all potential applicants and housing lenders to review the HTH Program Guidelines to ensure they meet the program’s requirements. It’s crucial to be well-informed and prepared to take advantage of this limited-time opportunity.

A Ray of Hope

With the increase in interest rates and home prices in Florida over the last two years, home ownership has felt like a pipe dream to many.

But this news is undoubtedly a ray of hope for those who have been struggling to make their homeownership dreams a reality. With the allocation of $36 million in additional funds, Florida Housing is demonstrating its commitment to supporting the residents of the state in their pursuit of homeownership.

Florida Housing expresses gratitude to all those who have supported the Homebuyer Loan Program, and they are excited to continue helping residents achieve the dream of owning their own homes.

With the Hometown Heroes Loan Program’s success and this additional funding, the path to homeownership in Florida just became a little brighter.

Today is the day the funds are released, so act swiftly, and let the journey to homeownership.

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Homebuying for the Self-Employed

Written by Gulfside-WpAdmin on 2023. Posted in Blog

The self-employed represent a growing number of Americans. According to Gallup estimates, approximately 36% of US workers function as gig workers in some capacity, and over 17 million people categorize themselves as self-employed.

Yet, despite this significant portion of the market, lending and homebuying continue to be an exceedingly confusing, daunting, and frustrating experience for these individuals.

But it doesn’t have to be this way.

So, we’d like to take a look at what the challenges for self-employed buyers actually are and clear up some misconceptions about these perceived challenges. And we want to provide you with some key do’s and don’ts of mortgage basics for self-employed borrowers, whether you are a realtor wanting to better serve this client group, or you are a self-employed home hunter.

Challenges for Self-Employed Buyers

There are two main difficulties that self-employed home buyers face.

Unpredictable/inconsistent income
Lack of traditional tax documents that fairly represent their income

The first problem tends to be especially true for newer business owners, while both new and long-standing business owners deal with the second.

Even when a business is thriving, tax returns will not necessarily represent their ability to pay on a loan, since many business owners take every possible deduction they can on their taxes.

A self-employed individual may have a take-home of over $200K, but after deductions, their tax return may only reflect $60K. The difference in loan amounts available based on those numbers is obvious.

Furthermore, many self-employed buyers are working with 1099s rather than W-2s, further complicating the ability to provide the necessary documentation for traditional home loans.

Misconceptions about Lending Options for Self-Employed

Too often, self-employed home buyers, and even realtors, do not recognize that there IS a solution to this predicament.

Many are stuck with some of the following misconceptions:

Business owners should stop claiming deductions on their taxes for a couple of years so their tax returns reflect higher income before they can buy a home.
Buyers can’t be approved for a loan without traditional tax documents, like W-2s.
Buyers can only get a home loan based on tax returns.
Alternative loans, such as bank statements and cashflow loans, are too hard to close.
Self-employed buyers can’t get pre-qualified for a loan because of unpredictable monthly income.

These misconceptions are causing many small business owners to miss out on the opportunity to buy the home of their dreams and are leading a lot of realtors to miss out on a significant portion of the home buyer market.

It should not be hard for self-employed individuals to buy a home. There are many excellent mortgages for self-employed borrowers that look at cash flow and bank statements rather than tax documents to determine eligibility.

So don’t be discouraged, and don’t turn your self-employed clients away! Instead, give us a call and we can walk you through home loan options for self-employed individuals, like bank statement loans.

What is a Bank Statement Loan Program

Bank statement loan programs are designed for buyers who don’t have the traditional tax documents or proof of income that standard buyers have.

Rather than relying on W-2s and tax returns to determine a client’s eligibility for a loan, these lending programs review the potential buyer’s bank statements and cash flow during a period of time, often up to two years or more, to determine the size of loan they qualify for.

Furthermore, at Gulfside, we have tools that can help you and/or your client review bank statements to help accurately determine what they will qualify for beforehand. This will help you know what can honestly be afforded so that the home search is better focused.

With self-employed mortgage options and tools like these, the home of your or your client’s dreams may actually be well within reach, and much sooner than you realized!

Some Do’s and Don’ts for Self-Employed Home Buyers

All of this said, there are still steps that you, or your client, as a self-employed home buyer can do to make the loan process much smoother and successful. There are also things to avoid.

Let’s look at some do’s. DO:

Look into bank statement lending programs.
Look for a realtor or lender who offers bank statement loans and other self-employed mortgage options.
Be prepared to collect two years of bank statements and other documents proving your business’ legitimacy.
Work hard to maintain an excellent credit score to further demonstrate your ability to pay the mortgage.
CALL US at Gulfside to learn more about self-employed home loan options and the best way to navigate the process.

Let’s also look at the “don’ts.” If you are self-employed or a realtor, DON’T:

Quit taking deductions on your income!
Rely on tax returns for getting approved for a loan.
Settle for a realtor or lender who wants you to quit taking deductions or won’t work with you based on your business income.
Turn away good clients/buyers because they are fully or partially self-employed.
Wait to contact us to discuss self-employed home loans because you think you have to have a certain amount in cash or wait for tax returns to reflect higher income.

At Gulfside Mortgage in Venice, Florida, our team of experts is eager to help you navigate the self-employed home loan process.

We can help you determine what you may be approved for so that you have a satisfying home search process, and we can lead you to the best mortgage options so that you can get into the house of your dreams.

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Why You Need to Bid Over Asking Price in Today’s Housing Market

Written by Gulfside-WpAdmin on 2023. Posted in Blog

If you are looking to buy a home in 2023, you may have noticed that the housing market is very competitive.

There are more buyers than sellers, which means that many homes receive multiple offers and sell for more than the asking price. In fact, according to the National Association of Realtors (NAR), the median existing-home sales price in July 2023 was $410,200, up 15.8% from a year ago.

So how can you stand out from the crowd and increase your chances of getting your offer accepted?

One strategy is to offer over the asking price from the start.

Why You Need to Bid Over Asking Price in Today’s Housing Market

Here are five good reasons why this may be a smart move in today’s market.

5 Reasons to Bid Over Asking Price

Low inventory: As briefly stated above, competition for houses right now is fierce, despite the higher interest rates and inflation.

The most recent report from Existing Home Sales shows that the existing inventory of available homes is very low – less than 1 million homes – and some of these are already under contract!

And this inventory issue is not going to improve for two main reasons:
First, as inflation trends slow and interest rates start to come back down, there will be more people able to buy.
Second, in general, the U.S. population is increasing by leaps and bounds. And if you are thinking about buying a home in Florida, then you know our population is on a constant growth trajectory.
There are more buyers every day with fewer available homes. Competition is only going to get tougher. You have to bid over asking price out of the gate to set yourself apart from the competition.

Avoid a bidding war. A bidding war is when two or more buyers compete for the same property by raising their offers until one of them wins. Bidding wars can drive up the price of a home and cause a lot of stress and uncertainty for buyers.
By offering over the asking price from the start, you show the seller that you are serious and motivated, and that you are willing to pay a premium for their home.
This may convince them to accept your offer right away, or at least give you priority over other buyers.

Show your love for the home. Sometimes, sellers are motivated by emotion and not just money. They may have a sentimental attachment to their home and want to sell it to someone who will appreciate it and take good care of it.
By offering over the asking price, you demonstrate that you love and highly value their home. This may appeal to the seller’s emotions and make them favor you over other buyers.

Compensate for a lower appraisal. An appraisal is an estimate of the home’s value by a professional appraiser. It is usually required by lenders to ensure that they are not lending more money than the home is worth.
However, in a hot market, appraisals may not keep up with the rising prices and may come in lower than the agreed-upon sale price. This can create a problem for buyers who need a mortgage, as they may have to come up with extra cash to cover the difference or renegotiate with the seller.
By bidding over the asking price, you can anticipate this scenario and show the seller that you are prepared to pay more than the appraised value if necessary.
Potentially beat cash offers. Cash offers are offers that do not depend on financing from a lender.
Cash offers are attractive to sellers because they eliminate the risk of financing falling through and speed up the closing process. However, cash offers are not always the highest, and they may not reflect the true market value of the home.
By offering over the asking price, you can compete with cash offers and show the seller that you are willing to pay more than what cash buyers are offering.

Of course, offering over the asking price is not always the best strategy for every buyer and every situation. You should always consult with your real estate agent and your lender before making an offer, and stick to your budget and your goals.

At Gulfside Mortgage Services in Venice, FL, we are available to help you navigate this process and develop a strategy that will work for you or your clients.

Why You Should Not Wait to Buy

Despite higher interest rates and inflation, if you are teetering on the fence – STOP. Now is the time to buy in Venice, Florida and not wait for a few very good reasons:

Historical data shows that housing prices will not go back down but will continue to increase. Stop hoping that you can get a house you love for less than current prices.
As explained above, inventory will not get better, so stop waiting for that.
Interest rates, however, will get better, at which time you can refinance. Go after your dream house now before it goes up in price and out of your range. You can refinance later for a better interest rate.

Now is the Time to Buy!

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The Signing of Senate Bill 102: A Game-Changer for Home Buyers in Florida

Written by Gulfside-WpAdmin on 2023. Posted in Blog

In a landmark move aimed at addressing housing affordability and accessibility issues, Florida Governor Ron DeSantis has signed Senate Bill 102 into law. Known as the Live Local Act, this legislation is set to profoundly impact new home buyers in Florida. With an impressive allocation of $711 million toward housing programs, this bill signifies a firm commitment from the Florida government to provide support and opportunities for individuals and families in search of their dream homes.

Increasing Housing Affordability and Accessibility

The Live Local Act is a groundbreaking measure designed to make housing more affordable and accessible for residents of Florida. By earmarking a significant amount of funding, this legislation addresses home buyers’ challenges in a market where prices have steadily risen. Providing financial assistance can make a substantial difference in housing affordability, particularly for those with limited resources.

Tax Incentives for Developers

One of the most exciting aspects of the Live Local Act is the introduction of significant tax breaks for developers. By offering these incentives, the government encourages developers to invest in creating new housing projects in the region, including Venice. This approach is expected to stimulate the construction of additional housing units, effectively increasing the supply in the market.

The Impact on Home Buyers

The signing of Senate Bill 102 brings many benefits for new home buyers in Florida. Let’s explore some of how this legislation is poised to make a positive impact:

Increased Housing Options

With the influx of funding and incentives for developers, the Live Local Act is expected to increase housing options for prospective buyers. The construction of new housing projects will provide a broader range of choices, allowing buyers to find properties that suit their needs, preferences, and budgets.

This image of a house (mansion) was captured on Venice Avenue in Florida

Potential Financial Incentives

The tax breaks offered to developers under the Live Local Act have the potential to trickle down to home buyers. As developers benefit from reduced tax burdens, they may pass on some savings to buyers through more competitive pricing or attractive financing options. This can significantly enhance the affordability of homes in Venice, making it easier for individuals and families to realize their dreams of homeownership.

Government Commitment to Housing Affordability

The signing of Senate Bill 102 showcases the Florida government’s dedication to addressing housing affordability issues and promoting homeownership opportunities. By proactively taking steps to increase the housing supply and provide financial incentives to developers, the government is actively working towards creating a favorable environment for both buyers and sellers.

The Live Local Act, signed into law by Governor Ron DeSantis, represents a monumental step towards improving housing affordability and accessibility for new home buyers in Florida. With its substantial funding allocation and tax incentives for developers, this legislation is poised to make a significant impact on the local housing market. As a result, prospective buyers can look forward to a broader range of housing options and potential financial incentives to help them secure their dream homes.

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The history of Gulfside Mortgage

Written by jesst on 2023. Posted in Blog

Gulfside Mortgage Services was established by Laura Dorsey & Doug Bolling and opened on April 1st, 2003 with approximately 10 team members. They eventually grew and added two more branches one in North Port and one in Lakewood Ranch. Michelle Moore was the Manager of the North Port location and Tony Moore was the manager of the Lakewood Ranch location with over 30 team members combined with all three locations. After the great recession in 2007-2009 Doug & Laura had to make some tough decisions and closed both the North Port and Lakewood Ranch locations and kept only the Venice location open and had to downsize to approximately a 10-person team.

Tony and Michelle became the best of friends in this journey and in 2007 they fell in love while on a cruise for Doug Bolling’s 50th birthday!In 2010 Doug and Laura had come to Tony and Michelle and presented them with a great opportunity and on December 10, 2010, Tony and Michelle officially took over Gulfside Mortgage Services. When they took over, they had to make many changes including downsizing to just 3 team members that included Tony and Michelle. They decided to go to Las Vegas for a big coaching conference and they signed up for coaching within 1 year they grew to about 15 team members! Over the last 12 years, Gulfside Mortgage Services had about 27 team members but with the market shift this year, they had to make some tough decisions and downsize, and currently have 15 team members. To have more opportunities to help more families, they recently have also obtained licenses in 3 additional states! So, now they are licensed in Florida, Ohio, Kentucky, and Indiana!

Tony and Michelle are the sole individuals at Gulfside Mortgage Services who have been present since its establishment on 04/01/2003, and they take immense pride in that fact. Despite various tumultuous events over the years, they prefer not to delve into them.

Sometimes, people may question what drives Loan Originators to do their job. This is a common sentiment shared not only by the writer but by many MLOs as well. What often goes unnoticed is that 70% of their 40-to-50-hour work week is not compensated. To be clear, this is not untrue. While this topic could be discussed for hours, the reason Tony and Michelle persist is due to the indescribable satisfaction they get from helping a first-time home buyer. The gratitude received from these individuals is unparalleled and it serves as a reminder of their mission. Similarly, when a borrower wants to refinance, the feeling they get when they can save hundreds or even thousands of dollars monthly is incredible. The weight is lifted from the borrower’s chest, giving them the ability to either relax or invest more in their future. It’s difficult to put into words – but the joy experienced from making a positive impact in their lives is addicting, and it motivates Tony, Michelle, and all their team at Gulfside Mortgage Services, to help more people.

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