5 Things to Know Before Relocating to St. Augustine
This blog outlines five key considerations for relocating to St. Augustine with tips to ensure a seamless transition.
What You Need to Know About Fannie Mae's New 5% Down Payment Program for Multifamily Properties
As a broker specializing in residential real estate in St. Augustine, Florida, I’m always on the lookout for new opportunities and programs that can benefit my clients. Recently, Fannie Mae announced a significant change that could be a game-changer for many aspiring real estate investors and homeowners. Let's dive into what this new program has to offer and how it could impact your real estate goals. Fannie Mae's Policy Change: A Big Win for Real Estate Investors Effective November 18th, Fannie Mae has made a pivotal shift in its down payment requirements for owner-occupied multifamily property loans. Previously, borrowers needed to put down 15% to 25% of the total home value. Now, this requirement has been drastically reduced to just 5%. This change is particularly significant in today's high-interest rate climate, making real estate investing more accessible to many. Key Requirements of the New Program The new program comes with specific requirements: Owner-Occupancy: The borrower must live in the property and act as a resident landlord. This is crucial as it allows future rental income to be considered in qualifying for a mortgage. Income Requirements: While future rental payments are factored in, borrowers must still meet current income requirements and demonstrate their ability to pay rent where they currently reside. FHA Self-Sufficiency Test Removed: For 3-4-unit property loans, Fannie Mae has eliminated the FHA self-sufficiency test, which previously required 75% of rental income to be greater than the monthly mortgage payment. This change simplifies the pre-approval process for multifamily loans. Loan Cap: The cap for 2-4-unit loans under this program is now set at $1,396,800, expanding the range of properties available to investors, including more luxurious multifamily properties. Exclusions: High-balance loans and manually underwritten loans are not included in this policy change. Benefits of the Program This new program is seen as a progressive step in the real estate sector. It's a golden opportunity for prospective homeowners and budding investors to build equity, and add revenue stream. By becoming an owner-landlord, investors can gain valuable experience in property and tenant management, which is integral to a successful real estate investment journey. Considerations and Application Process While the program offers numerous benefits, it's important to consider the responsibilities that come with it, such as living alongside tenants and managing property maintenance expenses. The owner-occupancy requirement also means the principal borrower must move into the property within 60 days of purchase and reside there for at least a year. Interested parties can apply now, as Fannie Mae’s mortgage software has been updated to reflect this policy change. Although some details are still being finalized, such as private mortgage insurance rates for these loans, it's a good time to start gathering the necessary documentation and begin the application process. Conclusion Fannie Mae's new 5% down payment program for multifamily properties opens up a world of opportunities for those looking to enter the real estate investment market. It's a significant step towards making real estate investing more accessible and manageable, especially in a challenging economic climate. As always, it's important to assess your financial situation and consult with a real estate professional to understand how this program can fit into your investment strategy.
A Foodie's Paradise: Local Culinary Delights in St. Augustine, FL
St. Augustine, Florida, is a city where history and culture blend seamlessly with culinary excellence. As a real estate broker who's not just passionate about homes but also about the lifestyle that comes with them, I'm thrilled to share with you some of the newest local eateries that add to the allure of St. Augustine and make it an ideal place to call home. Lotus Noodle Bar (Downtown) Imagine savoring ramen that's been elevated to an art form. That's what you get at Lotus Noodle Bar, where Chef Barry Honan, with his Michelin Star background, brings a fusion of Modern Japanese and French cuisine right to your table. This isn't just a meal; it's a culinary journey that redefines the ramen experience. Lotus is by far my favorite new restaurant in St. Augustine! Ancient City Bourbon & Boards (Downtown - former Alta Marea location) As the sun sets, the vibrant energy of Ancient City Bourbon & Boards comes alive. This restaurant is a unique addition to St. Augustine where you can indulge in an array of cocktails, bourbon tastings, and delightful tapas. The charcuterie boards are a must-try, and the live jazz sets the perfect tone for a relaxing evening. Pesca (Vilano - new Hyatt Place Hotel) Pesca is a testament to St. Augustine's diverse culinary scene. Located in the new Hyatt Place Hotel in Vilano Beach, this restaurant offers a fusion of global coastal cuisine with bold Latin flavors, all made with fresh, local ingredients. The wine library and private dining room add an exclusive touch, while the rooftop bar & kitchen provide stunning views of our beautiful city. Chez L’Amour (Downtown - former Uptown Swinery location) For a touch of elegance and a taste of luxury, Chez L’Amour is the place to be. This elevated dining spot in uptown St. Augustine offers a range of social tapas, handcrafted cocktails, decadent desserts from Crème de la Cocoa, and plant-based options. The live jazz and piano entertainment create an ambiance that's both sophisticated and welcoming. Don't miss their Sunday brunch! V Pizza (US-1 near the St. Augustine NE Regional Airport) If you're craving authentic Italian pizza that's been hailed as the best in St. Augustine, V Pizza is your destination. This casual eatery is perfect for family outings, offering a large outdoor space with games for kids. The atmosphere is as inviting as the pizza is delicious. COMING SOON: La Nouvelle (Lincolnville) The culinary landscape of St. Augustine is always evolving, and the upcoming La Nouvelle is a testament to that. Spearheaded by Michael Lugo, the renowned Executive Chef/Owner of Michael’s Tasting Room & Pesca, this new venture is set to occupy the historic former Preserved location. Stay tuned for more details! St. Augustine isn't just a place with beautiful homes and rich history; it's a city that caters to the taste buds of food enthusiasts. Each restaurant here tells a story, offering not just meals but experiences that enrich our community. As someone who's helped many find their dream home in this charming city, I can confidently say that St. Augustine's culinary scene is one of the many jewels in its crown. If you're considering making St. Augustine your home, or just looking for your next culinary adventure, feel free to reach out. Let's explore the flavors of St. Augustine together!
Debunking a Real Estate Myth: Spring is the Best Time to Buy
When it comes to the real estate market, timing is often a topic of hot debate. A common misconception is that spring is the golden season to purchase your next property; however, this widely held belief overlooks the potential that lies in the off-season. As an experienced real estate broker, I've witnessed firsthand how buying outside the traditional spring season can yield significant benefits for both investors and homebuyers. The Myth of the Spring Buying Season Spring is traditionally seen as the prime time for real estate transactions. Families want to get settled before a new school year, there’s more time to shop for a home and the pleasant weather makes it easier to tour houses. While these factors do contribute to a surge in market activity, they don't necessarily translate to the best buying opportunities. Advantages of Buying in the Off-Season Reduced Competition: In the off-season, there are typically fewer buyers in the market. This decrease in competition can be a significant advantage. For example, you're less likely to find yourself in a bidding war and end up paying a higher purchase price to secure the home you want. The off-season allows for a more relaxed and thoughtful home-buying experience, which can be particularly beneficial for first-time buyers who may need more time and guidance through the process. Potential for Better Deals: Sellers who list their properties during the off-season are often motivated to sell quickly. This urgency can translate into more room for negotiation, potentially leading to a better deal than what you might secure during the peak buying season when properties are typically priced higher due to the increased demand. Quicker Transactions & Closings: During the off-season, there are fewer real estate transactions. Fewer transactions mean mortgage lenders have fewer loans to process, title and escrow companies have fewer closings and home inspectors have fewer inspections. When it takes less time to complete each of these steps in a typical home-buying process, it should lead to quicker transactions and closings for all parties involved. Personalized Assistance: An experienced real estate agent knows how to adapt to the current season; however, during the slower winter months, your real estate agent typically has even more flexibility in their schedule, which can mean you benefit by having more undivided attention from a pro. Agents work hard all year, but with fewer clients shopping for homes, they have time to work even harder for you. Plus, these lower activity months for real estate sales also motivate agents to help you find the right home, negotiate the best deal for you, and close the transaction quickly. St. Augustine's Unique Market St. Augustine's real estate market has its unique characteristics. Our beautiful city attracts a diverse range of buyers, from retirees looking for a peaceful beachside community to young professionals seeking a vibrant, historic town. This diversity means that the market remains mostly active year-round, offering opportunities regardless of the season. While the off-season can offer distinct advantages, it's important to approach this period strategically. Market conditions can vary significantly based on local factors such as economic trends, employment rates, and even weather patterns. In St. Augustine, Florida, for example, the unique coastal environment and tourist seasons can influence the best times to buy. Conclusion While spring brings a buzz of activity to the real estate market, it's not the only time to find great deals. Buying in the off-season offers many advantages, including reduced competition, an easier process, and the potential for better pricing. As your dedicated real estate professional in St. Augustine, I am committed to helping you find the perfect property, no matter the season. Let's explore the opportunities that await you in our beautiful city.
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