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.

Help the community by answering this question:

+ web reference
Web reference:


Dora Siler,…, , Longwood, FL
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
1 vote
Rick Aguirre, Agent, Orlando, FL
Thu May 7, 2009
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
The percentage down now is 25% in the state of Florida. (2016)
Flag Fri Oct 14, 2016
Sandra Cruz-…, Home Buyer, Coral Springs, FL
Tue Jan 2, 2018
Hi, I would like to buy a house in Boyton Beach, FL. My credit score is not good enough 651 now (I have been doing my part, in order to rebuild my credit, and I'm not done yet). I have a short sale in 2012. I would like to buy as a primary residence. Under FICO my credit score is 541 Wells Fargo (bad), under Capital One Credit Wise is 651, Credit Karma 631. I don't know which one is the right one....What I should do? I want 100% finance, which are my options??? I'm not looking for a Condo or Townhouse, I want a single-family house.

0 votes
Makasi_24, Home Buyer, Longwood, FL
Sun Jul 23, 2017
I grow up in the Philippines and I'm certainly new to this home buying business. I am only 26 years old as well so half of the things people are talking about here makes my head hurts. What is FHA, PMI, SFH etc etc.?I am definitely wanting to buy a house soon here in Orlando Florida that's why I'm here in this discussion to gain more knowledge about owning a house. I'm quite concerned about the down payment and closing cost I needed. Based on what I've gathered so far I would have to put 20% down payment to avoid mortgage insurance. That is problematic for me because I certainly doesn't have that much money for a down payment. Anybody got a solution for me?
0 votes
Steve McRory, Agent, Fort Lauderdale, FL
Sat Sep 3, 2016

Forget about FHA Condo loans

There are new NON-FHA condo loans with even less down payment, 97% LTV Condo purchase loans available in Florida with NO PMI for qualified borrowers and you won't be restricted to a short list of FHA approved condos

Start with Trulia.com and the Homes and Land of Greater Orlando real estate magazine to find a property http://www.homesandland.com/Digital-Magazine/0418-41-06-Home…
0 votes
Emma Walker, Home Buyer, Kissimmee, FL
Fri Sep 2, 2016
I am looking for a home in florida. what is the down payment on a 250000 dollar home
0 votes
B_schiller, Home Buyer, Orlando, FL
Mon Mar 4, 2013
Is there a minimum percentage for a mortgage without PMI in Florida?
0 votes
Michael Bell…, Agent, Altamonte Springs, FL
Mon Apr 30, 2012
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
I am interested in discussing these options with you. We would like to set up an appointment. Please contact us.
Thank You
Tim and April Bird
Flag Sun Oct 8, 2017
Ken Anderson, Agent, Orlando, FL
Wed Apr 20, 2011
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
0 votes
Ronald Hill, , Longwood, FL
Wed Jun 23, 2010
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
Georgina Vil…, Agent, Longwood, FL
Wed May 26, 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
Search Advice
Ask our community a question
Home Buying in Longwood Zip Codes

Email me when…

Learn more