{"id":797,"date":"2026-05-21T10:39:27","date_gmt":"2026-05-21T10:39:27","guid":{"rendered":"https:\/\/floridamovingchronicle.com\/?p=797"},"modified":"2026-05-21T10:39:27","modified_gmt":"2026-05-21T10:39:27","slug":"why-its-so-hard-to-get-a-mortgage-and-to-pick-the-right-miami-condo","status":"publish","type":"post","link":"https:\/\/floridamovingchronicle.com\/?p=797","title":{"rendered":"Why it\u2019s so hard to get a mortgage and to pick the right Miami condo"},"content":{"rendered":"<article><!-- --><!-- --><!-- WPS-5038 -- removed the script from WPS and added the placeholder for trinity player --><!-- --><!-- --><!-- --><!-- --><!-- --><!-- --><!-- --><!-- CONTENT --><!--[--><!--[--><\/p>\n<p>It\u2019s always been tougher for gig workers and hourly wage employees to qualify for a mortgage. But new research shows that people in all kinds of occupations who don\u2019t receive regular paychecks are having a more difficult go of it.<\/p>\n<p>Read more <a href=\"https:\/\/floridamovingchronicle.com\/?p=795\">Palm Beach chef\u2019s Michelin-recommended restaurant finally opens in Coral Gables<\/a><\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>Indeed, the study \u2014 by employment-verification company Truework \u2014 of about 300,000 lender-verified mortgage applications found that it\u2019s no longer good enough to have the income necessary to qualify for financing. Would-be borrowers must also show their incomes are constant and dependable.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>Where you live and what you do are also important, the research discovered. But income stability has become a key factor in who makes the cut and who doesn\u2019t.<\/p>\n<p><!--]--><!--[--><\/p>\n<p>Income stability \u201cplays a critical, often overlooked role,\u201d reads the Trueway report. Michael Tucker, in a summary of the study for the Mortgage Bankers Association, writes that income stability is \u201cemerging as a new gatekeeper to homeownership.\u201d<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>Even small fluctuations in monthly earnings can drop a borrower below the cutoff line. So two applicants with the same yearly income, but different schedules of when that income arrives, can have different outcomes.<\/p>\n<p><!--]--><!--[--><\/p>\n<p>\u201cIt is no longer enough to earn a good income; you need to earn it predictably,\u201d says Truework President Ethan Winchell. \u201cFor millions of Americans in service, care and hourly roles, homeownership is increasingly out of reach, not because they aren\u2019t working hard enough, but because the system was not built to accommodate how they earn.\u201d<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>Truework says this emphasis on income stability couldn\u2019t come at a worse time: As of mid-2025, almost two-thirds of loan applicants had experienced negative fluctuations in their incomes. \u201cAt the same time, the severity of those income swings nearly tripled\u201d since 2022, writes Tucker.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>The change is largely driven by the increase in hourly workers, seasonal employees and commissioned-based jobs. But the study found that management, technology and finance occupations are vulnerable, too. Even in locations where houses are more affordable, the trend can limit borrowing power.<\/p>\n<p><!--]--><!--[--><\/p>\n<p>Applicants with \u201ccomputer and mathematical\u201d jobs have a 75% chance at qualifying practically everywhere in the country, Trueway found. But food prep workers have only a 4% chance in high-cost Hawaii.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<h2>Pick a condo building you can live with<\/h2>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>The trick to landing a condominium you love isn\u2019t finding a unit you like; it\u2019s finding a building you can live with, according to South Florida condo expert Peter Zalewski.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>Pick the building first and then the apartment, advises Zalewski, who runs the Miami Condo Investing Club and tracks the market weekly. The reason: Every property has its own fees and regulations. Association dues may be higher in Building A, but the rules in Building B may be harder to live with.<\/p>\n<p>Read more <a href=\"https:\/\/floridamovingchronicle.com\/?p=793\">\u2018They were underage girls\u2019: How Epstein brought victims from Brazil to Palm Beach<\/a><\/p>\n<p><!--]--><!--[--><\/p>\n<p>Zalewski\u2019s advice is especially wise in South Florida, where there are 610,000 condo apartments and 13,000 condo associations &#8212; \u201cway too many,\u201d he opines.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>Speaking of excess, Zalewski says the South Florida market currently has \u201cway too much supply.\u201d In South Beach alone, more than 1,200 units are listed for sale. At the current rate \u2014 79 sales a month \u2014 it will take over 15 months to burn off that many apartments.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<h2>Mind your business<\/h2>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>Want to be a good neighbor when you move to your next residence? Then mind your own business.<\/p>\n<p><!--]--><!--[--><\/p>\n<p>Neighborhoods are playing a less central role in real-world socialization, and young people are driving the trend, according to new research from the American Enterprise Institute.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>\u201cFor most young people in the U.S., being a good neighbor is more about keeping your distance than about engaging with those living nearby,\u201d reads a post on AEI\u2019s LinkedIn page. \u201cSeventy percent of young adults say that being a good neighbor is about not getting involved in others\u2019 affairs, whereas 57% of seniors say the same. Additionally, 54% of Americans who attend religious services more than once a week say keeping your distance from others makes you a good neighbor, compared with 73% of people who never attend religious services.\u201d<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>\u201cThe neighborhood is still important,\u201d says Daniel Cox, who runs the Survey Center on American Life at AEI. \u201cBut it occupies a less central place than it once did. Young adults have experienced one of the most rapid declines in neighborly interaction \u2014 only 1 in 4 say they talk with their neighbors regularly, a drop of more than half in just over a decade.\u201d<\/p>\n<p><!--]--><!--[--><\/p>\n<h2>One-and-done homebuyers<\/h2>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>The phrase \u201cone and done\u201d usually applies to college athletes who stay in school a single year before opting to join the professional ranks. But according to a new survey from BMO Financial Group, the term can now also apply to today\u2019s homebuyers.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>Because first-time buyers now are older than in generations past, the survey found, they plan to buy once and never again. A clear majority (65%) of aspiring homeowners expect their first home to also be their forever home. And 58% of non-homeowners say buying a starter home and upgrading later doesn\u2019t make sense anymore.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>\u201cWith more first-time homebuyers entering the market later in life, they are no longer looking for a starter home, but rather a house that matches their life stage and family needs,\u201d said Paul Dilda, head of U.S. consumer strategy at BMO, in a writeup on Realtor.com.<\/p>\n<p><!--]--><!--[--><!-- --><!--]--><!--[--><\/p>\n<p><i>Lew Sichelman has been covering real estate for more than 50 years. He is a regular contributor to numerous shelter magazines and housing and housing-finance industry publications. Readers can contact him at lsichelman@aol.com.<\/i><\/p>\n<p>Read more <a href=\"https:\/\/floridamovingchronicle.com\/?p=791\">Can this Miami house withstand a wall of wind? Here\u2019s what to know<\/a><\/p>\n<p><!-- --><!--]--><!--]--><!-- --><!-- --><!-- --><!-- --><!-- --><\/article>\n","protected":false},"excerpt":{"rendered":"<p>Expert tips for Miami condo buyers: choose the building before the unit, weigh association rules and fees, and navigate South Florida oversupply.<\/p>\n","protected":false},"author":1,"featured_media":796,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why it\u2019s so hard to get a mortgage and to pick the right Miami condo - Florida Moving Chronicle<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/floridamovingchronicle.com\/?p=797\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why it\u2019s so hard to get a mortgage and to pick the right Miami condo - 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