With primary residences you can generally get approved for an FHA loan with a score as low as 620. However, if this will be a second(vacation) home, or investment property your mid score generally has to be 680 and above for most lenders.
As you can see it is not straight forward, if you are working in NY and purchasing in NY, the home can be treated as your primary residence, and the scoe required and down payment are lower.
Besides a Realtor i am a NMLS Mortgage Loan Officer. I can be reached at 407 758 2731 to answer any questions you may still have.
Looks like your question has been answered. This area offers a very good value for the money. How did you decide on this area if I may ask.
Call me any time if you have any questions at 407-929-9674
Have a great day.
I agree with the above comments, the area of Avalon Park qualifies for USDA loans as well (100 % financing) I live in the area and yes that home is under contract and they had multiple offer situation, I will love to assist you, my office is located in Waterford Lakes and I know the area very well. There are several properties that are similar at the one in Sapphire Bay, Please feel free to contact me, I can also refer you to a local lender if is necessary.
Anabella Tercero Okrassa
CDPE, RESS, REOS
Your Bilingual Realtor
It depends on what type of loan that you were approved for.....if it were an FHA then at least 3.5% or Conventional then at least 20% of your offering price for the property.
RE/MAX Premier Properties
your mortgage pre-approval will tell you the details of the LTV (loan to value) ratio of your loan. For example, a conventional loan could have an 80% LTV, in which case you would be required to bring a 20% down payment. Your mortgage broker is also the only person who can tell you if this product is usable to purchase in Florida.
The property you selected is no longer available. It is now under contract and pending.
To answer your questions. If the property in Florida is your second home, then you would need a down payment of 20% minimum. However, if it is your main residence, then you would only need 3.5%.
You must have a very good credit score to have been offered such a substantial loan and that would probably be the case in Florida as well.
Please contact me if you require any additional information.