The prospect of owning a house has never felt more out of reach for renters, according to recent surveys. In fact, more than 40% think they will never own a home, citing elevated mortgage rates, rising prices, inability to save for a downpayment, and low inventory as main factors.
Even though the pressures facing potential homebuyers this homebuying season seem insurmountable, there are options and programs for renters in the Tampa Bay area that can help. According to the experts at BayFirst:
- In today’s economy, adjustable-rate mortgages (ARMs) can have a great benefit vs. fixed-rate mortgages in that the rate, often lower than a fixed rate, is actually fixed for a period of time usually between five or seven years, which is just barely less than the amount of time the average person stays in their current home (eight years).
- Through our Downpayment Assistance Program, BayFirst offers up to $5,000 toward closing costs if the property is in a low or moderate census track in the Sarasota or Tampa Metropolitan Statistical Area, and the borrower’s household income is within 125% of the area median income for that area.1
- Available to first-time and repeat buyers, the BayFirst 100 loan makes financing a home without a major down payment (and without costly monthly mortgage insurance) achievable through providing a 75% first mortgage backed by a 25% second mortgage. Learn more about our BayFirst 100 product details.
Need additional advice for making homeownership more attainable or want to learn more about the options available for renters looking for more financial assistance? A BayFirst expert is available to help. Just give us a call at 833.698.2265, stop into a local banking center, or meet our team of lenders and apply.
1BayFirst NMLS #806183. All loans subject to approval, including credit approval, income credit, and property restrictions may apply. Other programs available. Programs subject to change or termination without notice. BayFirst National Bank is not affiliated with the Federal Housing Administration, U.S. Department of Veterans Affairs, or any other government agency. Any applicant who is purchasing or refinancing a primary residence in an eligible census tract within the Tampa or Sarasota MSA. Tampa-St. Petersburg-Clearwater, FL MSA.