Home Buying in Longwood>Question Details

Frs, Home Buyer in Longwood, FL

What is the minimum down payment percentage in central Florida?

Asked by Frs, Longwood, FL Wed May 6, 2009

I am looking at some condos in that are fairly low priced and I would like to keep my down payment low too.

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7
Frs,
That depends, I will explain.
Condos are a bit more difficult to get financing due to the glut in the market and other conditions like investor ownership. Now all is not lost you can check to see if the Condo you are interested in is on the Approved FHA lsit and if so you can go in with as little 3.5% down! If not 20% is needed. Any Relaotr can look this up for you,in fact so can your lender.
I hope this helps.
Realtor Rick
1 vote Thank Flag Link Thu May 7, 2009
Is there a minimum percentage for a mortgage without PMI in Florida?
0 votes Thank Flag Link Mon Mar 4, 2013
There is no set minimum down payment in Florida; it all depends on the, type of loan, property being purchased and the location. VA and USDA loans allow for 100% financing, FHA Rehab loans allow for the purchase price plus the coast of repairs/energy efficient upgrades, FHA loan require a 3.5% down payment, Conventional loans require 10-20% down. That being said, they are many down payment assistance programs for first time home buyers, displaces home buyers, or home buyers that have not owned a home in the past three (3) years. These programs offer anywhere from $4,000 - $25,000 in cash down payment assistance depending on your income and property location.

85% of my Buyer business is first time home buyers using “Down Payment Assistance” let me know if I can be of assistance negotiating the first time home buyer down payment assistance maze, or guiding you through the various loan programs
0 votes Thank Flag Link Mon Apr 30, 2012
As an investor you are likely going to have 20% down... that is assuming the condo can be financed. There are many (most ) condos that have high delinquencies, high investor ratios or other issues that make them ineligible for financing.

the FHA 3.5% is available only to owner occupants, not investors. Depending on the complex the probability is if you are dealing with condos you are purchasing for all cash.

Probably not what you wanted to hear but it is what it is. There are specific communities that can get financed but they are few and far between. townhomes and SFH will offer the best opportunity for loans. You may be surprised how low you can get some SFH's, They too will have lower HOA's and better returns as an investor.

All the best,
Ken Anderson
ApexOne Realty, Inc
321-246-3190
http://www.apexonerealty.com
0 votes Thank Flag Link Wed Apr 20, 2011
I am a realtor, not a mortgage broker. That being said, I understand the minimum down payment is 3.5 percent. I also understand most banks will not finance anything under 40,000. I am in Sanford Florida
if I can be of any assistance please call me at 407 375 4478
0 votes Thank Flag Link Wed Jun 23, 2010
If it is FHA approved ( which most are not currently) you can put 3.5% down plus your closing cost. Conventional loans are requiring on average 20% down. Condos have become more difficult to finance so know that ahead of time. Check with your mortgage broker or lender and tell them which subdivivison you are looking at and they will tell you if it is FHA approved and what the lending requirements are.

Ask questions like; Is there a buyer initiation fee? Upcoming assessments? Owner to rental ratio?

If it will be investment property, the return on your investment is very good as compared to other types of investments currently.
Please contact me if you need a few names of lenders to assist you. dorasiler@yahoo.com
0 votes Thank Flag Link Wed Jun 23, 2010
Rick is correct. Also keep in mind extra charges like closing costs. In today's market you should be able to negotiate those with the Seller unless it's a foreclosure or short sale. Those are a little more difficult to negotiate but not impossible.
0 votes Thank Flag Link Wed May 26, 2010
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