Home Buying in Sunrise>Question Details

bms, Home Buyer in Sunrise, FL

What type of finance should I get while buying a Single-family home within a community with very low HOA in Sunrise, FL?

Asked by bms, Sunrise, FL Mon Sep 23, 2013

We are looking around to buy a house we are pre-approved, we have security issues so it has to be inside a gated community. We can only offer a 10% down, will it conventional mortgage with 10% down will be able to finance a single-family home within a community in Sunrise, fl? we are desperate becuase we need to close fast!

Help the community by answering this question:


Hi Bms,

You should have the choice of conventional or FHA depending on how much you want to spend.

FHA will allow a loan amount up to $423,750 with just 3.5% down BUT the monthly mortgage insurance is higher than conventional PMI.

There are a couple of differences between the 2 programs that may end up influencing your decision like the fact the FHA will allow seller concessions of up to 6% & conventional only allows 3%.

You really should compare each option side by side before you make a decision.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust Co.
1 vote Thank Flag Link Tue Sep 24, 2013
What it is very low HOA to you? Once it is gated, it will not be $30-50 per month....
1 vote Thank Flag Link Mon Sep 23, 2013
Thank so much!
Flag Tue Sep 24, 2013
That is low! Most likely they do not offer much (like water, cable TV, Roof repairs)....IF it can go FHA, you will need only 3.5% down/out of pocket..
Call Lisa at 561-400-9478; she is a veteran of the mortgage business and owns her own mortgage co.; she can assist you

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Meir Aloni & Team

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Flag Tue Sep 24, 2013
10% down is not a problem. You can go conventional or FHA. If you are a first time buyer you may be able get down payment assistance. You can call me at 954-560-3810 and I have my Mortgage Company talk to you.
Jon Straulea
Coral Shores Realty
Realtor/ Broker Sales
0 votes Thank Flag Link Tue Nov 12, 2013
Conventional is preferred in a multiple offer situation. I would recommend you have extra cash just incase you need to strengthen your down payment.
0 votes Thank Flag Link Tue Sep 24, 2013
Depends on how competitive market conditions are in your preferred area of purchase. If your market area is hot or very competitive your best choice is conventional with a strong down payment or at least having the ability to switch if needed to present a competitive offer when a multiple offer situation arises.
0 votes Thank Flag Link Tue Sep 24, 2013
Ten percent conventional mortgages and 3.5 percent FHA mortgage are available. In a single family home community the type of financing is not an issue. You are pre-approved for what price, what HOA fee, and property taxes ?
0 votes Thank Flag Link Tue Sep 24, 2013
The hOA is $200 per quarter!
0 votes Thank Flag Link Mon Sep 23, 2013
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