There’s a wide range, depending on the lender and your credit rating. But now it’s easier than ever to do the math with the help of your real estate agent.
Down payments these days can range from 3% all the way to 20%. But your Lang Realty broker will help you navigate potential lenders and calculate what you can realistically afford to pay. Even if your credit rating isn’t perfect, you may qualify for down payment assistance in Florida.
You may also want to consider a second lower-interest-rate loan to pay off your down payment. And most banks and mortgage companies, including the government’s Federal Housing Administration (FHA), offer special programs for first-time home buyers. If you’re a first-timer, a down payment is the amount you’re paying upfront that’s usually added to the total price of the residence.
To start your search, you can list potential mortgage lenders and calculate each one, based on the down payment on a $300k house or condo. Using that price point, you can determine how much you can afford to pay for a down payment for a $300k house in Florida.
HOW TO CALCULATE AN AFFORDABLE DOWN PAYMENT
There are plenty of down payment calculators online. But that’s where an experienced real estate broker comes in. Lang Realty agents can always advise a buyer what is a good down payment for a $300,000 house in desirable South Florida neighborhoods in Palm Beach and Martin counties.
