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

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katevdm Joined: 29 Apr 2008 Posts: 1 1.28 Dollars($)	Posted: Tue Apr 29, 2008 6:18 pm    Post subject: In the state of Florida, is it a state or federal law that a Like 0 Dislike 0 price of the home?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Apr 29, 2008 9:39 pm    Post subject: Like 0 Dislike 0 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%. _________________ Procrastination is the enemy of your financial success
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Thu May 01, 2008 2:53 am    Post subject: Like 0 Dislike 0 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. _________________ Good is the Enemy of Great.
Kennedy Guest	Posted: Fri Nov 28, 2008 11:07 am    Post subject: High Interest Private Mortgage Loans-Hard Money Lenders Like 0 Dislike 0 If all repairs have been made to the investment property except the Heating and Air over and above the escrowed money, should the broker release all the escrow to the borrower? If not why? I made $9100+ improvements to the property with escrow set aside of $7400+. I cannot get a release of all the escrow. It there any statute requiring this release. Also, before and at closing, I was not ask to read or sign a Business Contract with my business broker giving him my permission to serve as an intermediary between me and the private lender. He now is asking that this contract be signed with a back date of closing. Should I sign this?
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Dec 01, 2008 2:09 am    Post subject: Like 0 Dislike 0 Hi Kennedy The lender establishes an escrow account to pay property tax and insurance during the term of the mortgage. I don't think it has anything to do with the repairs done to the property. As far as the business contract is considered, first ask the business broker why he needs you to sign the documents now. If you do not get a satisfactory answer, better consult a lawyer. Thanks _________________ Good is the Enemy of Great.

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