In the state of Florida, is it a state or federal law that a

katevdm · Joined: 29 Apr 2008 Posts: 1 1.24 Dollars($)

price of the home?

adonis · Posted: Tue Apr 29, 2008 9:39 pm Post subject:

Welcome katevdm,

I haven't heard of any such law especially in florida. But in general, one has to pay 10% to 20% of the purchase price as the down payment on any conventional loan. For FHA loans, the down payment requirement is around 3% and with some lenders it is as low as 1.5%.

Niicss · Joined: 03 Oct 2005 Posts: 885 130.68 Dollars($)

Welcome katevdm,

I agree with Adonis that you need to pay 20 percent of the home value as down payment. You can get a second mortgage to pay the down payment but the interest rate will be a bit higher.

If you go for FHA loan then you can get mortgage with only 3 percent down payment.

All times are GMT - 7 Hours

Page 1 of 1