Step into the world of success and innovation with Real Estate Champions, a compelling TV show that highlights the exceptional leaders, agents, and investors shaping the real estate industry. Each episode uncovers the strategies, leadership, and insights that fuel the success of industry trailblazers, offering practical takeaways for professionals across residential, commercial, and investment real estate.
Real Estate Champions brings together top professionals and thought leaders from various sectors of real estate, including residential, commercial, and property development. These influential guests share their journeys, expertise, and advice to inspire and empower the next wave of real estate leaders and entrepreneurs. Today our host, Morgan Allen, spoke with Geoff Henry.
Geoff Henry
Owner at Affordable Florida
Website Address: www.affordableflorida.org
Short company description:
Affordable Florida (AF) helps everyday Floridians turn homeownership from a “someday” dream into a real, achievable plan. We combine education, credit coaching, and down payment assistance options to meet people where they are, and walk with them all the way to the closing table.
Transcript:
Morgan:
Welcome back to another episode of Real Estate Champions, where we highlight those in the real estate industry who are making an impact. I’m Morgan Allen, joined today by Geoff Henry with Affordable Florida. Geoff, thank you for being here.
Geoff:
Thank you so much for having me.
Morgan:
Absolutely. So tell me about Affordable Florida and the great things that you’re doing to help first-time homebuyers.
Geoff:
Well, we really have a heart for first-time homebuyers. We really want to solve that first-time affordability challenge in Florida. So we have collected a number of tools to help those first-time homebuyers. Everything from the challenges of credit repair, the challenges of down payment assistance, or just the standard thing that every realtor does, which is really protecting them through the entire process.
The most vulnerable people in our society are the ones that don’t know what they’re doing. And it is the single most important purchase you’ll ever make in your life, that first home. We do that on this mission around generational wealth. There are a lot of reasons why owning a home is good for our entire society. So that was one of the reasons that we wanted to cure that challenge in Florida. That’s why we created Affordable Florida.
Morgan:
That’s such an amazing cause that not enough people are focused on. As someone who was a first-time homebuyer, I understand it was a scary process and a very big purchase. So that’s so good what you’re doing. What are some of the first steps you take these first-time homebuyers through?
Geoff:
Well, I think the first thing is you have to get them the bug. They have to want to buy a house. A lot of times they don’t have the confidence to say, “Oh, I can do that.” So the very first thing is letting them know, yeah, you can.
Often we’ll say, “Hey, I know this is a challenging situation and you’ve been renting for 20 years and you don’t know how to get out of that situation. But if you can’t believe, I want you to borrow my belief because I’ve done this enough. I’ve sold 400 homes in Jacksonville. I want you to borrow my belief that you can do this.”
That’s the first step. Get them to believe they can, and then they can. After that, it’s looking at their credit, seeing where they’re at, and seeing what they qualify for in down payment assistance.
Uniquely, Jacksonville has about 35 different down payment assistance programs available. Most people think of Hometown Heroes or VA, but there’s a lot out there. There are even programs that will put solar on your roof and get you the down payment all in one package. We just walk them through what best fits for them.
Morgan:
That’s fantastic. For someone starting out, what would you say is a proper credit score or number to have in the bank?
Geoff:
Traditionally, you’re generally going to want more than a 580 credit score, but that’s usually the most difficult to get to the closing table. Most down payment assistance or FHA loans fall in the 620 to 640 range, which gives you flexibility and more options.
Depending on your cash flow or how much you have to put down, there are products for people with 500 credit scores. It’s not crazy to see someone get in with a 500. I even witnessed someone with a 490 credit score get a VA loan because of a unique situation. They had to write letters explaining it, but credit score is not the only litmus test.
A lot of people think, “Oh, I don’t have a 700 credit score, I can’t buy a house.” I’ve heard those exact words many times. You don’t need a 700. A 620 to 650 is a real sweet spot. You’ll usually go through most lenders pretty easily.
Morgan:
When it comes to the actual purchase and you get to the closing table, what’s your favorite part?
Geoff:
I usually cry for them when they hug me and they’ve got the keys in their hand. Remember, they had to borrow belief at first. There have been a lot of hard conversations along the way. These are not always easy situations.
Whenever they get the keys, it’s a life-changing event. Some of us who have bought and sold houses get jaded to the process. We forget how meaningful that first house can be. That’s the best part for me, when they say, “Oh my God, I couldn’t have done this without you.”
Morgan:
I love that so much. As a real estate champion, what does that mean to you?
Geoff:
Beyond first-time homebuyers, our community is growing. There are so many statistics. You are less likely to get divorced if you own a home. Children who grow up in a home are 10% more likely to graduate high school and 15% more likely to pursue secondary education. They are significantly more likely to buy a home themselves.
The first home in a family is one of the most important things. Homeownership in general is very healthy for our community and for wealth in this nation. By the time most people retire, 84% of their wealth is in their home. The sooner they start, the more wealth they build.
As a matter of fact, we have five children, and three of them owned their own homes before they were 25.
Morgan:
That’s incredible. Congratulations.
Geoff:
No one’s in high school, so he doesn’t count.
Morgan:
We’re still working on it. That’s awesome. Thank you so much for sharing your time with us today and for the great things you’re doing for our community.
Geoff:
Thank you. I appreciate it. I love the platform.
Morgan:
And viewers, thank you for tuning in to another episode. If you want more information about Affordable Florida, head on over to PropertySolutionsNetwork.com. We’ll see you in the next episode of Real Estate Champions.
Sarah :
I’m Sarah Olson, creator and founder of the Real Estate Agent Success Academy. We are a mentorship program for newly licensed real estate agents nationwide. The Academy is based on four key principles to set up agents for success from the beginning, starting with finding their home as a real estate agent. That is the backbone of where they’re going to thrive.
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