Types of Loans in Florida.

Dated: June 12 2023

Views: 370

When it comes to mortgage loan products, there are various options to consider when looking to buy a home in Florida. Here are some common types of loans along with their down payment requirements and information on down payment assistance programs available in Florida:

1. Conventional Loan:

   - Down Payment Requirement: In Florida, the down payment for a conventional loan typically ranges from 3% to 20% of the home's purchase price, depending on the lender and the borrower's qualifications.

   - Down Payment Assistance: Florida offers several down payment assistance programs, such as the Florida Assist program, State Housing Initiatives Partnership (SHIP) program, and the Florida Homeownership Loan Program (FL HLP), Home town heros. These programs provide grants or low-interest loans to eligible borrowers to help cover down payment and closing costs.

2. FHA Loan:

   - Down Payment Requirement: For an FHA loan in Florida, the minimum down payment requirement is usually 3.5% of the lesser of the purchase price or appraised value.

   - Down Payment Assistance: FHA loans allow borrowers to utilize down payment assistance programs. In Florida, the Florida Assist program and the Florida Homeownership Loan Program (FL HLP) can provide assistance in the form of a second mortgage or a grant to cover down payment and closing costs.

3. VA Loan:

   - Down Payment Requirement: VA loans offer the benefit of no down payment requirement for eligible veterans, active-duty service members, and their spouses in Florida.

   - Down Payment Assistance: Since VA loans already provide favorable terms, down payment assistance programs specific to VA loans may not be available. However, veterans may still qualify for general down payment assistance programs offered by the state or local housing agencies in Florida.

4. USDA Loan:

   - Down Payment Requirement: USDA loans offer the benefit of no down payment requirement for eligible borrowers in Florida.

   - Down Payment Assistance: USDA loans can be combined with down payment assistance programs available in Florida, such as the Florida Assist program or local housing agency programs, which provide grants or loans to assist with down payment and closing costs.

5. Jumbo Loan:

   - Down Payment Requirement: Jumbo loans in Florida typically require a higher down payment, which can range from 10% to 30% or more, depending on the lender and the borrower's qualifications.

   - Down Payment Assistance: Down payment assistance options for jumbo loans in Florida may be limited. It's advisable for borrowers to consult with mortgage professionals who specialize in jumbo loans to explore available options and lender-specific programs.

Remember, down payment requirements and down payment assistance programs can vary, and it's important to consult with a mortgage professional or loan officer in Florida to get the most accurate and up-to-date information specific to your needs and location.

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Ryan & Megan Winslow

Making their first foray into real estate in 2009, Megan & Ryan Winslow applied entrepreneurial business acumen, housing market knowledge, effusive charisma, and personal experience to every trans....

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