So you want to buy a home in Cape Coral? How much of a downpayment is required?
If it's a primary residence often... NONE
How about Ft. Myers?
Same situation, same deal...None
If you're purchasing a home in Southwest Florida there may be programs availble that do not require a Downpayment.
Here's some examples
First, and always FIRST!
qualified Veterans can purchase a primary residence with no downpayment and the seller can pay their closing costs. The maximum mortgage amount would be $417,000 and the interest rates are very good.
rural housing loans offer 100% financing in many parts of Southwest Florida. There are property eligibility restrictions, that being property loacation. BEWARE; rural housing is not for strictly for rural areas. It is available wherever the USDA feels it is needed.
For Example: all of Collier County is eligible. And there are few, if any, cows grazing in the city of Naples
there are some income restictions, but they are actually more accomodating than one might think.
Florida Housing Finance Corp/Florida Bond
this program is very much underutilzed, in my opinion. The Florida Bond program offers downpayment and closing cost assistance to qualified buyers. It does have income restictions, however, the restrictions are very reasonable especially the HAMI.
there are two types:
Florida Assist; offers borrowers up to $7500 to assist with downpayment and closing costs. This is a deferred, non-amortizing, 0% interest, second mortgage that is repayable when borrowers sell or refinance the property, satisfy the first mortgage, or no longer occupy the property as their primary residence.
Home Ownership Assistance for Moderate Income Loan; the HAMI offers borrowers up to $5,000 to assist with downpayment and closing costs. This is a fixed rate, 10 year amortizing, second mortgage that is repaid on a monthly basis. ( currently the monthly payment is about $50.00)
the reason I say that this program is underutilized is because most lenders do not participate in the program. Frankly, the profit margins are low. For some of us it's time to give back to the industry, do some good so to speak.
I know smiley, up there in the right hand corner is both certified, and willing to assist any/all buyers who desire to utilize this program.
Okay so you want to buy a home in Lee, Collier, and/or Charlotte County, and you may have some, but limited cash resources. That may not necessarily keep you from purchasing a home for your family because in many cases a
Downpayment (is) not necessary
I'm not kidding!