Gathering Money for a Down Payment on Your Florida Mortgage

You want the best house you can afford, right? Therefore, it’s important to have a clear idea of how to gather around 15-20 percent for a down payment. Complete the FREE form above and talk with our brokers about the process.

In the meantime, here are a few tips for those looking to wish to pull together enough funds so they’re Florida mortgage loan isn’t too high:

Bank extra money. Any time you get a tax refund, bonus, commission or birthday check, put it into a separate savings account that you never touch.

Live on one income. If you’re in a couple, try living on one partner’s income while saving the other’s.

Get rid of your second car. Or your cell phone. Or your cable service. Pare down your lifestyle so that you can add to your savings each month, a reasonable Florida mortgage always in mind.

Get a roommate. Change your lifestyle from solo to shared living. This will reduce your rent and allow you to save more for monthly payments.

Pay off your debt. Get rid of debts with high interest rates, such as outstanding credit card balances. This will ease the strain on your wallet and improve your credit rating.

Take a second (piggyback) mortgage. If you can’t get five percent or more together for your down payment, you may be able to get a piggyback Florida home loan to cover what your first mortgage doesn’t.

Try Fannie Mae or Freddie Mac. Both of these Congress-chartered companies have programs that allow you to buy a home with down payments of three percent.

Find out about loan assistance programs. Government organizations such as Veteran Affairs and the Federal Housing Administration offer programs that help people who don’t have large down payments obtain Florida mortgage financing. Also, check with your state and local housing authorities to find out what they can offer.