Conventional 5% Down Florida?

[Anonymous]

I was going to get a 5% down conventional mortgage in south Florida a few months ago. The house is currently HUD appraised at slightly higher than the selling price, my credit is excellent and income is above average.Negotiations are now almost done with the seller but my mortgage broker now says 5% down is no longer available in south FL due to declining market values. I'm told that only 10% down is possible and it's figured 5% down payment, add in 5% for declining regional market making the total 10%. Has anyone heard of such a thing?

[Anonymous]

Yeah, it has been that way for quite awhile (although some places were still doing 5% they were few and far between).

With property values projected to drop another 10-15% in most places prior to a real recovery, it is understandable.