“I’LL WAIT UNTIL I SAVE MORE”

I hear this almost every day.

❝

“I just need another year to save.”
“I want to have at least $30K–$40K before I buy.”

And on the surface… that sounds responsible.

But here’s the problem:

Most buyers are solving the wrong problem.

It’s not that they can’t buy.

It’s that they don’t know what options actually exist.

THE REAL NUMBER (AND WHY IT’S MILSEADING)

If you walk into this market with no strategy, yes, you might need:

  • Down payment

  • Closing costs

  • Reserves

That can easily add up to $25K–$40K+

That’s the number people hear…
And that’s the number that keeps them renting.

But that number assumes:

  • No assistance

  • No negotiation

  • No strategy

And that’s not how smart buyers are doing it right now.

FLORIDA HOMETOWN HEROES (THIS IS THE REAL MONEY)

The Florida Hometown Heroes Program is one of the most powerful tools available and most people outside real estate have never even heard of it.

Here’s what it actually looks like:

  • 5% of your loan amount

  • Up to $35,000 in assistance

  • Can be used for:

    • Down payment

    • Closing costs

That’s real money.

On a typical purchase, many buyers are getting $20K–$35K covered.

WHO QUALIFIES (SIMPLIFIED)

You generally need to:

  • Be a first-time homebuyer
    (or not have owned a home in the past 3 years)

  • Work in an eligible profession:

    • Teachers

    • Nurses

    • First responders

    • Military

    • Government employee (City, State, Federal)

    • And other workforce roles

And here’s the part people like:

  • It’s a 0% interest second loan

  • No monthly payment on that portion

THE PART NOBODY EXPLAINS

Yes, the program can run out of money.

But here’s the real story:

  • The state has continued funding it so far

  • We just don’t know how long that continues

So it’s not “gone forever”…

But it is:

Available… until it isn’t

WHY THIS PROGRAM MATTERS SO MUCH

Compared to local or county programs, this one is:

  • Easier to access

  • More widely available

  • Faster moving (when funded)

And most importantly:

It’s money people qualify for but never apply for

Because they don’t even know it exists.

PEMBROKE PINES PROGRAM (THE QUIET OPPORTUNITY)

The Pembroke Pines First Time Homebuyer Program is one of those programs most buyers never hear about but should.

Here’s how it typically works:

  • Provides financial assistance for down payment and closing costs

  • Usually structured as a deferred second loan

  • Meaning: no monthly payments

In many cases:

  • You don’t repay it until you sell, refinance, or move

  • And depending on the program version, some or all may be forgiven over time

WHAT YOU NEED TO QUALIFY

Like most city and county programs, there are guidelines:

  • Must be a first time homebuyer
    (or not owned in the past 3 years)

  • Must meet income limits
    Designed for low to moderate income buyers

  • Property must be located within Pembroke Pines

  • Must complete a homebuyer education course

  • May have a purchase price cap (based on local affordability limits)

WHAT THIS MEANS IN REAL TERMS

This isn’t a “click a button and get $20K” type of program.

It’s:

  • More paperwork

  • More rules

  • Slower process

But…

It can still mean thousands in upfront cost savings

And in a market like this, that can be the difference between buying and not buying.

WHY MOST PEOPLE MISS IT

Two reasons:

  1. It’s not heavily advertised

  2. Many lenders don’t bring it up unless you ask

So buyers assume:

❝

“If it was available, someone would have told me.”

Not necessarily.

AND IT’S NOT JUST PEMBROKE PINES

Pembroke Pines isn’t unique here.

Many cities and counties (including Broward County) offer similar programs with:

  • Deferred loans

  • Closing cost assistance

  • First-time buyer incentives

Each one has slightly different:

  • Income limits

  • Funding availability

  • Rules

Which means: there may be multiple opportunities, not just one.

HOW TO THINK ABOUT THIS PROGRAM

Don’t think of this as your only solution.

Think of it as:

One layer in the stack

LENDER PROGRAMS (WHERE PEOPLE MISS OUT)

Some lenders offer:

  • $5K–$15K grants

  • Closing cost credits

  • First time buyer incentives

But:

  • Not all lenders offer them

  • Not all loan officers mention them

So who you talk to matters more than most people realize.

SELLER CONCESSIONS (YES, THIS IS BACK)

This is the shift happening right now.

  • Buyers can negotiate again.

Sellers are often willing to:

  • Pay part of your closing costs

  • Offer credits

  • Help reduce your upfront cash

Especially if the home has been sitting.

That wasn’t true two years ago.

It is now.

STACKING (THIS IS WHERE THINGS CHANGE)

This is how smart buyers are doing it:

  • Low down payment loan (3%–5%)

  • Hometown Heroes or local program

  • lender credits

  • seller concessions

That $30K–$40K you thought you needed?

Now you might be closer to $0K–$15K out of pocket

WHAT I'D TELL A FRIEND

If you think you need $40K to buy. You might be wrong.

If you think you need 20% down. You definitely are.

And if you’re waiting “until you’re ready”… you might already be closer than you think.

Here’s what I’d actually do:

  • Talk to a lender first

  • Ask specifically about Hometown Heroes + grants

  • Get real numbers, not guesses

Because right now, the advantage doesn’t go to the buyer with the most money…

It goes to the one who understands how to use what’s already available.

Not sure how much help you could actually qualify for? I’ve got you. Just ask.

Have a question for next week's Ask Mike? Hit reply and ask. I answer every one.

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