Home Buying in West Park>Question Details

Julio, Other/Just Looking in Hollywood, FL

How much down payment do i need to buy a house for $70,000 in West Park, FL?

Asked by Julio, Hollywood, FL Fri Mar 18, 2011

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Dear Julio,

The least amount of down payment is with homepath.com homes. These homes are fannie mae foreclosure homes. They do require certain mortgage consultants to pre-approve you. The down payment is 3%, with no private mortgage insurance and no appraisal.

The second way is with FHA and that is 3.5% down payment. Keep in mind there are other costs involved with purchasing a home besides down payment.

Susan Penn, PA, SFR
EWM Realtor
2000 Main Street
Weston, FL 33326
0 votes Thank Flag Link Fri Mar 18, 2011
You can do it for as little as 3.5%($2450) on an FHA and 5%($3500) on a conventional loan depending on your credit score. Of course there are additional requirements for debt to income ratio, assets, credit accounts, etc.

Jose Morales
Florida Mortgage Coach
“We Coach You Through the Mortgage Process”
0 votes Thank Flag Link Fri Mar 18, 2011
3.5% for FHA if you have over a 620 credit score
0 votes Thank Flag Link Fri Mar 18, 2011
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