{"id":15086,"date":"2008-12-30T14:58:59","date_gmt":"2008-12-30T14:58:59","guid":{"rendered":"http:\/\/thekeyinsider.com\/2008\/12\/30\/down-payment-requirements-for-south-florida\/"},"modified":"2019-04-23T20:56:50","modified_gmt":"2019-04-23T20:56:50","slug":"down-payment-requirements-for-south-florida","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/down-payment-requirements-for-south-florida\/","title":{"rendered":"Down Payment Requirements For South Florida"},"content":{"rendered":"<p><strong>Authored by Guest Contributor James Venney.<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"alignleft size-medium wp-image-324\" src=\"http:\/\/juicyestates.com\/files\/2008\/12\/house-key-with-down-payment-text-and-drop-shadow-300x292.jpg\" alt=\"\" width=\"194\" height=\"190\" \/>Imagine, it\u2019s just days before your closing and you get a\u00a0call from\u00a0your lender who you thought was taking care of your mortgage\u2026.\u201dwe are sorry to inform you that you will need to make an additional 10% down payment in order to complete your purchase\u201d.\u00a0 Unfortunately hundreds of potential buyers are getting this\u00a0call every week in South Florida because they have chosen a lender that is not\u00a0up to speed on loan to value restrictions in\u00a0our area.<\/p>\n<p>If you are buying in Pinecrest, Coral Gables, Weston or anywhere in\u00a0the\u00a0Tri-County area\u00a0the down payment requirmenets\u00a0for South Florida sometimes differ from other parts of the country.\u00a0 Of course there are certain exceptions to every rule but know what those exceptions are and when they are applicable is not something that every lender has taken the time to explore.<\/p>\n<p>Below is a\u00a0break down\u00a0loan type, \u00a0occupancy\u00a0type and property type.<\/p>\n<p><strong>Conventional Non-conforming Financing &#8211; \u201cJumbo Loans\u201d<\/strong><\/p>\n<p><strong>Single family homes<\/strong>\u00a0~<strong>Primary residence<\/strong>\u00a0&#8211; require a 20% down payment to a loan amount of $1 million, a 25% down payment to a loan amount of $1.5 million and 30% payment beyond $1.5 million.\u00a0 Financing up to 100% of the purchase price is available with deposit relationships and\/or pledge assets.\u00a0<\/p>\n<p><strong>Second homes\u00a0<\/strong>~\u00a0require a 25% down payment to a loan amount of $1million, 30% to a loan amount of\u00a0$1.5 million or more.\u00a0 Financing up to 100% of the purchase price is available with deposit relationships and\/or pledge assets.<\/p>\n<p><strong>Condominiums<\/strong>\u00a0~\u00a0<strong>Primary residence<\/strong>\u00a0&#8211; require a 20% down payment to a loan amount of $1 million, a 25% down payment to a loan amount of $1.5 million and 30% payment beyond $1.5 million.\u00a0 Financing up to 100% of the purchase price is available with deposit relationships and\/or pledge assets.<\/p>\n<p><strong>Second homes\u00a0<\/strong>~\u00a0require a 25% down payment to a loan amount of $1million, 30% to a loan amount of\u00a0$1.5 million or more.\u00a0 Financing up to 100% of the purchase price is available with deposit relationships and\/or pledge assets.<\/p>\n<p><!--more--><strong>Conventional Financing under the temporary conforming loan limit of $423,650*<\/strong><\/p>\n<p><strong>Single family homes<\/strong>\u00a0~\u00a0<strong>Primary residence and second home<\/strong>\u00a0&#8211; requires a\u00a010% down payment,\u00a0<strong>Investment property<\/strong>\u00a0&#8211; requires a 20% down payment.\u00a0<\/p>\n<p><strong>Condominiums ~ Primary residence and second home<\/strong>\u00a0&#8211; require a 20% down payment,\u00a0<strong>investment property<\/strong>\u00a0&#8211; requires a 20% down payment.\u00a0<\/p>\n<p><strong>FHA Financing under temporary loan limit of $423,650**<\/strong><\/p>\n<p><strong>Single family homes\u00a0<\/strong>~\u00a0<strong>Primary residence<\/strong>&#8211; requires a 3% down payment &#8211; second home and investment property not permitted***<\/p>\n<p><strong>Condominiums<\/strong>\u00a0~\u00a0<strong>Primary residence<\/strong>&#8211; requires a 3% down payment (building must be FHA approved) &#8211; second home and investment property not permitted***<\/p>\n<p><strong>VA Financing under loan limit of $700,000 (higher loan limits available)<\/strong><\/p>\n<p><strong>Single family homes<\/strong>\u00a0~\u00a0<strong>Primary residence<\/strong>&#8211; 0% down payment required for qualified veterans &#8211; second home and investment property not permitted<\/p>\n<p><strong>Condominiums<\/strong>\u00a0~\u00a0<strong>Primary residence<\/strong>&#8211; 0% down payment (building must be VA approved)\u00a0required for qualified veterans &#8211; second home and investment property not permitted<\/p>\n<p>*The temporary expanded loan limit of $423,650 expires on January 1, 2009 and will revert to the normal loan limit of $417,000.<\/p>\n<p>**The temporary expanded FHA loan limit of $423,650 expires on January 1, 2009 and will revert to the revised loan limit of $345,000 for Miami Dade, Broward and Palm Beach Counties.<\/p>\n<p>***As of January 1, 2009 the down payment requirement for FHA will be 3.5% of purchase price.<\/p>\n<p style=\"text-align: center\"><a href=\"http:\/\/juicyestates.com\/2008\/11\/21\/down-payment-requirements-for-south-florida\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span><span>Click here<\/span><\/span><\/a>\u00a0to view original Post<\/p>\n<p style=\"text-align: center\">Guest Contributor:\u00a0<a href=\"http:\/\/juicyestates.com\/about-james-r-venney-south-floridas-mortgage-banker\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span><span>James Venney CMPS, CMA<\/span><\/span><\/a><\/p>\n<p style=\"text-align: center\">Phone: 305-960-2671<\/p>\n<p style=\"text-align: center\">Email: james.r.venney@homesvclending.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Authored by Guest Contributor James Venney. Imagine, it\u2019s just days before your closing and you get a\u00a0call from\u00a0your lender who you thought was taking care of your mortgage\u2026.\u201dwe are sorry to inform you that you will need to make an additional 10% down payment in order to complete your purchase\u201d.\u00a0 Unfortunately hundreds of potential buyers<\/p>\n<p class=\"more-link\"><a href=\"https:\/\/ewmrealestate.com\/blog\/down-payment-requirements-for-south-florida\/\" class=\"themebutton2\">Read More<\/a><\/p>\n","protected":false},"author":5395,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Down Payment Requirements For South Florida - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/down-payment-requirements-for-south-florida\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Down Payment Requirements For South Florida - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"Authored by Guest Contributor James Venney. Imagine, it\u2019s just days before your closing and you get a\u00a0call from\u00a0your lender who you thought was taking care of your mortgage\u2026.\u201dwe are sorry to inform you that you will need to make an additional 10% down payment in order to complete your purchase\u201d.\u00a0 Unfortunately hundreds of potential buyersRead More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ewmrealestate.com\/blog\/down-payment-requirements-for-south-florida\/\" \/>\n<meta property=\"og:site_name\" content=\"BHHS EWM Realty\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/EWMRealtyInternational\" \/>\n<meta property=\"article:published_time\" content=\"2008-12-30T14:58:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-23T20:56:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ewmrealestate.com\/blog\/wp-content\/uploads\/2019\/06\/BHHS-On-Solid-Background.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"376\" \/>\n\t<meta property=\"og:image:height\" content=\"376\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"EWM Marketing\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"EWM Marketing\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/down-payment-requirements-for-south-florida\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/down-payment-requirements-for-south-florida\/\"},\"author\":{\"name\":\"EWM Marketing\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/#\/schema\/person\/3a9b03cccfbcd6dc5e4bcdcc0b2c8511\"},\"headline\":\"Down Payment Requirements For South Florida\",\"datePublished\":\"2008-12-30T14:58:59+00:00\",\"dateModified\":\"2019-04-23T20:56:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/down-payment-requirements-for-south-florida\/\"},\"wordCount\":555,\"publisher\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/#organization\"},\"articleSection\":[\"EWM News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/down-payment-requirements-for-south-florida\/\",\"url\":\"https:\/\/ewmrealestate.com\/blog\/down-payment-requirements-for-south-florida\/\",\"name\":\"Down Payment Requirements For South Florida - 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