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Is in manadatory to have a down payment of 10% on a new home purchase in the Tampa, Florida area?

Is in manadatory to have a down payment of 10% on a new home purchase in the Tampa, Florida area?
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September 02 2009 - West Meadows
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Answers (5)

The question is not that detailed so below is an answer that will hopefully address what you have asked-

The minimum down payment required to purchase a home is 3.5% of purchase price.  The only caveat to that is the loan you will get will be FHA and maximum loan amounts are based on county of purchase-

Assuming HILLSBOROUGH County (I say this because you indicate Tampa) as the place of purchase, the max loan amount cannot exceed $292,500.  In other words if you are looking to put the least amount out of pocket, the purchase price cannot exceed around $303,000.

If someone has told you 10% down, that may be because you're Debt to Income is too high to qualify and you need to put more down, or because they want to take you via a conventional mortgage and the minimum down would be 10%. 

It appears you want to put less as a down payment so going FHA seems to be the correct avenue for you.
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September 03 2009
As Mark mentioned below, FHA loans require a down payment of just 3.5%.  As far as a USDA loan, it is only eligible for properties in rural areas, so the Tampa area probably won't qualify.

FHA rates are in the high 4% or very low 5% range, so you should contact a reputable mortgage broker or lender soon.  Actually, the sooner the better because if you're a first-time homebuyer, you are eligible for a tax credit of up to $8,000, but it expires on November 30, 2009.

Best of luck!

Regards,
Total Mortgage Services
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September 03 2009
It all depends on who you go to for the loan. You might be able to get a USDA loan with 100% or a FHA with 3.5%. Talk to a couple of mortgage brokers and see what they can do for you. There are also a couple of downpayment assistance programs out there.
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September 02 2009
To expand on this, it is not just Tampa, Florida.  It is anywhere the lender or Fannie Mae/Freddie Mac or Mortgage Insurance providers decide is in a declining market.  Indicators of declining markets are over 6 month marketing times, actual price declines, or a shift from a range of houses selling to only lower end houses selling.
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September 02 2009
For a conventional loan yes, but for FHA loan you can qualify with less down.
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September 02 2009
 
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  • Asked by cneth
  • In Mortgage
  • September 02 2009
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