Elly, Other/Just Looking in Kissimmee, FL

How much of down payment is needed for this house. we reside in New York City and got approved for 359,000 would this apply for houses in Florida?

Asked by Elly, Kissimmee, FL Sun Jan 29, 2012

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This question is about this property: http://www.trulia.com/property/3009903638-14002-Sapphire-Bay…

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Guy Burkhold…, Agent, Orlando, FL
Sun Jan 29, 2012
If the home is your firs or primary home usually a 3.5% down payment is sufficient. If this is a second home or vacation home a 20% down payment is required. We can sometimes get the seller to contribute to the down payment to help close the deal. By the way 350K in orlando can buy a beautiful home I will be happy to assist in all your central Florid home searches and answer any questions you may have, Thanks Guy Burkholder Century 21 Cell 407.592.3844
Web Reference:  http://guybhomes.com
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Deo Singh, Agent, Orlando, FL
Sun Jan 29, 2012
Was the loan for a primary residence purchase, if so then your capacity for additional mortgage debt would be reduced, meaning a lower mortgage amount. for second home or investment property.

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.
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Alexander Gr…, Agent, Winter Park, FL
Sun Jan 29, 2012
Hello Elly;

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.

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Bobby Brannan, Agent, Belle Isle, FL
Sun Jan 29, 2012
Another thing to keep in mind is that you normally will have to pay pmi on conventional loans if you don't put at least 20% down.
Web Reference:  http://realtyguybob.com
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Anabella Ter…, Agent, Lake Mary, FL
Sun Jan 29, 2012
Hello Elly,
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
Your Bilingual Realtor
(407) 797-5139
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James Willia…, Agent, Kissimmee, FL
Sun Jan 29, 2012
Hi Elly,

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.

James, III
RE/MAX Premier Properties
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Alys Esmond, , Orlando, FL
Sun Jan 29, 2012

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.
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Beatrice Pal…, Agent, Longwood, FL
Sun Jan 29, 2012
Great neighborhood. My daughter lives there. Yes your mortgage approval would apply fom New York. And depending on whether it is a primary residence or investment or second home the down payment could vary, from 3.5 % to 30%. Due to appraisals and other things you may need to close the deal a local lender would be easier. Whatever the scenario I am a fellow New Yorker and been doing Real Estate over 28 years in Central Florida if I can be of any help walking you thru your buying quest in Orlando please feel free to call anytime. Beatrice Palladino Watson Realty 407 312 1820
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Brahim Hanc…, Agent, KISSIMMEE, FL
Sun Jan 29, 2012
Hi Elly, It all depends on what your bank approved you for and what would be comfortable for you to pay each month. So you will need to work those deatails with your lender or I can assist you get another mortgage in Florida. Feel free to contact me so that I can give you more details and I will help you buy this or ay other homes in Florida.
Brahim Hanchi
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Raquel Berdi…, Agent, Oviedo, FL
Sun Jan 29, 2012
Good afternoon Elly,

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.
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