Down payment to buy a house in Florida
If you have thought about buying a house in Florida, perhaps you have already asked yourself the following question: How much down payment do I have to pay to buy a house? In this post I will give you some information that will help you clarify the situation.
In Florida it is possible to finance the purchase of your own home. This benefit applies if you are a natural resident or if you are a foreigner. In this case you will be asked a percentage of the sales price as a down payment, also called Downpayment.
After the economic crisis that occurred in 2008, financial institutions began to require an initial payment that was around 20% of the sales cost of the property. However, this requirement has been made more flexible in recent years. Nowadays, if you as a buyer have a good credit score, the percentage of the initial down payment could be between 5% and 10%.
If you still do not have the amount of money necessary to pay the down payment, you could try the following options:
- Help from family or friends: You can borrow the money to complete the down payment from a family member or friend with the necessary financial resources.
- 401(k) loan: You can discuss with your financial manager the possibility of requesting a 401(k) loan, with which you could finance up to $50,000.< /li>
- Sell assets: If you have other investments in assets or bonds, you can try to sell them and use that money to complete the down payment.
Another important consideration to keep in mind is that the higher the initial payment, the lower the monthly payments you will have. to pay for mortgage financing. Sometimes the payment of the installments is much lower than if you paid rent, plus you would be paying for your own house and not your landlord's.
Would you like to start your purchase project in Florida? Remember to have the help of a Professional Realtor, he will open up the opportunity for you. a world of possibilities to make your dreams come true.