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Asked by Taline, Deerfield Beach, FL Thu Sep 19, 2013

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Answers

10
Sherri Berge, Agent, Deerfield Beach, FL
Sun Sep 22, 2013
A good person to talk to is Tony Farias@ Primary Residential Mortgage...#954-695-2039
0 votes
Sherri Berge, Agent, Deerfield Beach, FL
Sun Sep 22, 2013
Taline,.you should talk to your loan officer about that. Sit down with them and work out the numbers. There are different roads to ownership,..and your loan officer/mortgage broker can assist you with that question. Hope that helps!
0 votes
Sherri Berge, Agent, Deerfield Beach, FL
Sun Sep 22, 2013
Taline,.you should talk to your loan officer about that. Sit down with them and work out the numbers. There are different roads to ownership,..and your loan officer/mortgage broker can assist you with that question. Hope that helps!
0 votes
Reggie Lajoie, Agent, Pompano Beach, FL
Fri Sep 20, 2013
Hi Taline,

If it's going to be your primary residence, most of the banks require about 20% down with normally good credit.
With a secondary residence, banks generally require 30% down and even certain banks don't even lend money in those cases.
You can correspond with me directly at reglaj1113@aol.com

Thanks,

Reggie Lajoie
Prudential Florida Realty
(954) 817-5459
0 votes
Annett T. Bl…, Agent, Fort Lauderdale, FL
Fri Sep 20, 2013
Good morning Taline,

there is no Florida requirement to put a deposit in escrow when making an offer. There could be a requested amount of an Escrow deposit from the Condo association when making an offer. Some require a 10 %, some more some less, some nothing.

If you can avoid putting more than $5,000 down than don't put down more. The reason is if you don't get your deposit back it is easier to get it back in small claims court. Everything over $5,000 is in civil litigation which can take years, a lot of money and frustration.

Want to start looking in Deerfield Beach I have included a link of all Condos available. Take a look here

http://www.fortlauderdalerealestatedeals.com/listings/areas/…

Any questions, let me know.

Annett T. Block
0 votes
Ronen and Li…, Agent, Wellington, FL
Fri Sep 20, 2013
Hello Taline,
Condo's are different then other homes as most are not FHA approved which leaves you with conventional loans and depending on the amount of renters or non owner occupied units will determine the amount of your downpayment and closing costs which can be 5% on the low end and as must as 25%. So to answer your question you should save about $45k for a 25% loan but be prepared to have a little extra for closing costs which will include your escrow and HOA & other fees. I have a great in house Mortgage broker that does all my condo loans she's currently doing another one for me right now. Hopefully this helps you if not give me a call to discuss further.
Ronen Tish
Tish Realty Group
561-568-6841
Ronen@TishRealtyGroup.com
0 votes
Gary Hitchco…, Agent, Coral Springs, FL
Fri Sep 20, 2013
Many lenders require 30 percent down to purchase a condo, then you'll need closing costs so $60,000 would be a good number.
0 votes
William Ceri…, Agent, Boca Raton, FL
Fri Sep 20, 2013
Taline, looking at your post I think your real question is what percentage is needed to purchase a condo. If this is your real question feel free to contact me at your earliest convenience.

Xcellence Realty
William (Bill) Cerino REO Certified
954-733-6868 Office
bill@xcellencerealty.com E-mail
http://www.livefunbroward.com Web Site
http://www.linkedin.com/in/williamcerino/
“Like” me on Facebook :https://www.facebook.com/livefunbroward
0 votes
Meir Aloni, Agent, Plantation, FL
Thu Sep 19, 2013
There are no set rules/requirements, as far as the size of Escrow Money
However, a very small deposit will cause the whole offer not to be taken seriously by sellers and their agent....The more you put up front, the better you and your offer will look

****Did you like this post? If so, please click Green thumb. Thank you!


With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!
0 votes
John Farrell, Agent, Boca Raton, FL
Thu Sep 19, 2013
Hi Taline, I generally have my clients give a 10% deposit, of which those funds are used at closing for closing costs & the balance of the purchase. Feel free to contact me with any other questions, and/or if you would like me to send you a list of properties meeting your criteria.

Best of Luck!

John Farrell
0 votes
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