Down Payment Question.

[DarthGoofy]

We are planning on purchasing at SSR on Sunday. How long do we have to make our down payment after we sign all the paperwork?

 

[Doctor P]

You need to make some down payment (as I recall it's a minimum of $500) to even get the paperwork. As I recall, you can then make arrangements as to the timing of the rest of the down payment, but it is relatively quick as I recall.

 

[Momof5cubs]

We just bought and our terms were $500 to get the ball rolling and the balance of the deposit (about $1000) is due within 45 days of our closing.
However, if your credit is spotty you may be required to pay a higher down payment.

 

[mike519]

You can negotiate the downpayment timeframe. We had them up it to 10 weeks when we bought last week.

Mike

 

[Alexander]

Can you use the $10/point incentive in lieu of the developer points for the downpayment?

 

[jel0511]

Can you use the $10/point incentive in lieu of the developer points for the downpayment?

Not anymore. DVC requires a minimum 10% cash investment from all buyers now, though you can use the incentive to up your total investment to over 20% to receive the better financing.

 

[Alexander]

Not anymore. DVC requires a minimum 10% cash investment from all buyers now, though you can use the incentive to up your total investment to over 20% to receive the better financing.

Thanks! I'm waiting for more info to arrive from DVC.... Can you tell me what the interest rates are? We have very good credit.

 

[jel0511]

Thanks! I'm waiting for more info to arrive from DVC.... Can you tell me what the interest rates are? We have very good credit.

It's only a guess, because we never financed our DVC purchases, we always paid cash. I think with 20% down, and direct debit from your checking account it's 9.75%

 

[Tink10]

Lori is correct.....No matter what your credit, the interest rate is 9.75% woth direct debit & 10.75% w/o direct debit.....(with a total of 20% down)