(305) 793-1365 restivomiami@gmail.com

Getting a MORTGAGE these Days requires 20-30% down (unless you fall into one of three categories!)

September 6, 2009

P R O P E R T Y   S E A R C H

R E S T I V O – H E C H T M A N    T E A M

mortgageGONE are the days when you could slap down 5-10%, and scoop up a 90-95% loan… moving in thirty days later!   Buying a single family home or condo in Florida?  If so, you will likely need to scrounge up 20-30%  for a down payment…  unless you fall into one of three categories:  

1) You have a high net worth and  a Private Banking Arrangement ( Private banking arrangements are limited to individuals with substantial net worth.)  Through a private banking arrangement you CAN  probably get 100% financing (or close to it).

2)You are applying for an FHA loan. If so, you are looking at a down payment of  3.5%,  with the lender financing the balance. FHA  does limit the purchase price  to $423,000.00 though.

3) You are a Foreign Investor. If so, you are looking at a down payment as high as 40-50% .

According to the loan amount you are applying for,   buying a single family home or  condo  anywhere in Miami,  will require you to come up with down payments of:

20% for loans up to a million dollars

25% for those  from a million  to $1.5

30% for anything  beyond $1.5

Vacation (or second homes) have slightly more stringent guidelines, demanding:

25% down on values up to a million

30% down on those over a million

For a more detailed analysis on down-payment requirements in South Florida, take a look at  Juicy Estates’ blog article by James Venney.

Foreign buyers, by and large, are required to come up with cash down payments of  as much as 40-50% of their real estate investment, in order  to obtain a bank loan on a Florida  home purchase.  Looking to buy property in South Florida?  Contact the Restivo Team at EWM Realtors at 305 793-1365.

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