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Your Guide to Buying a Home in the Sunshine State of Florida

HomeLight

Raymer says that for her clients, especially first-time buyers, she suggests an FHA loan, which only requires 3.5% FHA is really one of the best options,” she advises. She adds that Florida also has numerous down payment assistance programs, many of which are tied to state bond money. Earnest money deposit amount.

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When Is a House Down Payment Due and How Much Do I Need?

HomeLight

Otherwise, earnest money will be held in an escrow account until closing, and the amount is then applied toward your down payment at closing. Larsen cautions that if you’re buying a new construction home, you will likely be expected to pay a much larger percentage of earnest money. The remaining down payment.

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How to Buy a House in the Bay Area: 14 Steps to Close the Sale

HomeLight

He explains that owning a house is the most constructive and easiest way to build wealth, and even if you pay more now, you are still building equity, and will likely enjoy significant tax benefits. These government-backed loans can be a great option for borrowers who meet the requirements, however, they do require mortgage insurance.

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