TAMPA, Fla. — Harry Torres spent his entire life renting. Now, he's a homeowner — and he says it's a dream come true.
Torres, a 39-year-old single father of two in Pasco County, told Tampa Bay 28 reporter Michael Paluska he has never owned a home or lived in a home. Neither had his family. When his landlord put his condo up for sale, Torres started weighing his options and realized buying might make more financial sense than renting.
The changes in the housing market are something Paluska has reported on for years, as well as the popularity of so-called build-to-rent communities.
According to the National Association of REALTORS®, “the typical age of first-time buyers climbed to an all-time high of 40 years.
"So it was a thought. At first, I was still renting, and I started going into looking around other rentals, and seeing the value, the cost of renting, and it just wasn't adding up," Torres said.
Torres worked with mortgage broker Melonny Thompson of United Direct Lending to make it happen.
"A lot of questions, a lot of unknown aspects I wasn't aware of. I had went to my bank first, which kind of got my nerves, I was even more scared," Torres said.
Thompson said Torres is not alone. Many first-time buyers feel overwhelmed, but she said the market is shifting in their favor.
"We are sitting right now with mortgage rates at the lowest they've been in three years," Thompson said.
Thompson tells Paluska that affordability remains a challenge, but lenders are finding ways to work around it, and more people are reaching out to her for guidance.
"Yes, so affordability is still an issue for home buyers, especially first-time home buyers, and so as a lender, we have to get really creative on structuring their loan and using some of the advantages that we have right now," Thompson said.
And she said sellers are also stepping up to help close deals.
"Sellers are offering to pay closing costs. They are paying for repairs. And so the barrier to entry is really been lifted with those factors," Thompson said.
Thompson said adjustable-rate mortgages are drawing significant interest right now.
"So ARMs are very attractive now, and there are some seasons where they're not. So we are seeing ARMs — Adjustable Rate Mortgages — particularly five-one ARMs are very attractive. And for FHA loans on the ARMs, we're seeing those in the high fours. So amazing rates on the ARMs right now," Thompson said.
"I mean, buyers I have getting into homes with $0 — and absolutely we're seeing that," Thompson said. "Every single dollar counts."
Thompson said the right loan structure can make a mortgage payment competitive with rent.
"We're getting that payment closer to what they're paying in rent or better," Thompson said.
Torres said that's exactly what happened in his case.
"Yes, close, pretty close to it," Torres said when asked whether his mortgage payment is similar to what he was paying in rent.
Torres is part of a growing national trend. According to the National Association of Realtors, the average age of a first-time homebuyer has reached an all-time high of 40. Torres beat that mark by a year.
He spent all 39 years of his life in apartments — and his family never owned a home either.
"I didn't even know that you lived in an apartment your whole life — I never knew that — so it brings me so much joy to hear you say that, and I loved being a part of that with you," Thompson said.
"There’s help out there? There are ways that you can get into a home and build that generational wealth?” Paluska asked Thompson.
"Absolutely, I love that you said that because I'm super passionate about that. When I meet with my buyers, I always say, you know, especially my first-time homebuyers, when they ask me, 'Should I buy, or when should I buy,' what I like to remind them is that a home-buying experience is not just to get a home. You have to use mortgage debt as a tool to create wealth and opportunities for yourself somewhere else," Thompson said.
Torres' new home came with one unexpected bonus — a cat left behind by the previous owner.
"The kids named her ‘Megan,’ but she has many names," Torres said.
This story was reported on-air by Michael Paluska and converted to this platform with the assistance of AI. Paluska and our editorial team verify all reporting on all platforms for fairness and accuracy.
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