Question 1

How much do I need for a down payment?

Accepted Answer

You don’t always need 20%.

▪Conventional loans: as low as 3–5%
•FHA loans: 3.5%
•VA/USDA: 0% down (if eligible)

Plus, there are Florida down payment assistance programs that can help cover costs.

Question 2

Who pays closing costs in Florida?

Accepted Answer

Both sides do—it’s negotiable.

•Buyers typically pay: lender fees, appraisal, inspections
•Sellers typically pay: agent commissions, title-related costs

BUT everything can be negotiated into the contract.

Question 3

What is an “AS IS” contract in Florida?

Accepted Answer

This is the most common contract here.
It means the seller is selling the home in its current condition, but buyers still have the right to inspect and cancel during the inspection period.

Question 4

What is escrow (earnest money)?

Accepted Answer

Earnest money = your “I’m serious” deposit.

•Usually 1–3% of purchase price
•Held by a title company or brokerage
•Applied toward closing costs or down payment

Question 5

Do I need to be pre-approved before looking at homes?

Accepted Answer

YES… like immediately!!!!
A pre-approval:
•Shows sellers you’re legit
•Helps you understand your budget
•Makes your offer stronger (especially in competitive markets)

Question 6

What are CDD fees in Florida?

Accepted Answer

CDD = Community Development District fee

•Common in newer communities (Lakewood Ranch, Parrish, etc.)
•Pays for infrastructure (roads, amenities)
•Included in your property tax bill, not HOA

Question 7

What’s the difference between HOA and CDD?

Accepted Answer

HOA: Monthly/quarterly fee for community maintenance (pool, landscaping, etc.)

CDD: Long-term bond for building the community infrastructure

You can have one, both, or neither.

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