i work and live in NJ want to buy a condo in florida how much do I need to put down
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This will depend on your lender. As this is a second home for you, be prepared for a 20% down payment.
You need to contact a mortgage broker to get pre-qualified for a mortgage loan. Should you need info. about mortgage brokers in Florida, feel free to reach me at my no. 305-479-8770. After you get pre-qualified I will be glad to assist you to find your condo.
Hello Tara, Given that you live in NJ and this would not be your primary residence some of the more attractive 3.5% FHA loan programs will not be available to you. Depending on your financial situation you may qualify for some other low down payment programs. If you do not have a lender feel free to reach out and we can give you some good referrals.
Hello Tara, I have sold many condos in Florida and it would be a pleasure to help you find the right one. I would suggest the fist step if to speak with a lender for your pre-qualification letter with a comfortable budget your happy with. There are lender requirements for a mortgage based on buyer's creditability for the note , approval of a condo questionnaire required by the lenders knowing the stability of the association reserves, number of primary and secondary owners, and many other factors. If you would like my assistance please feel free to contact me, it would be a pleasure to help you find your Florida condo!
You need 10% down if its 2nd home for you. If its investment 15% down payment.
Hi! Great question-- Florida condo mortgage applicants will find that a mortgage on a Condo is more complex than purchasing a single family or town-home or villa. There are additional requirements for Florida condo associations that do not exist in other typical Florida mortgage transactions. The Condo must be approved via condo association questionnaire. As a Boca Raton Realtor, we have several different options-- please call 301-536-6562. I'm here to help. Thanks!
Hello To be sure to have an open door for the best possibilities 20% down. By example, I have 2 listings in the same condo Association requiring 20%. After all the most important is to make the best buy at the right price.
Marie DePalma provided excellent guidance to you. If you decide to look at the gorgeous GA Golden Isles please give me a call to discuss! Her info pertains to GA second homes and investment properties also.
Hello, Several factors will be considered by your Lender and the type of loan you are seeking - will you apply for an FHA loan as a 1st time buyer, what is your credit score, income and debt, will the home be your primary residence, vacation home or investment property? with all these factors coming into play and and your answers and debt to income ratio you could expect to pay between 5% - 20% down. This is a wide range so it is important to consult with a lender to look at your individual situation and the amount needed will be clearer to you. Let me know if I can help you in answering any other questions. Hopefully this info will assist you in getting started.
Hi Tara! It is important to have the right formula of a good realtor who is familiar with the area, home/condo rules,and a good mortgage expert to tailor your circumstances to where you want to be(?), then make the right decision! We Sell State (Naples, Florida) and me (your dedicated Realtor) are in the West Coast of Florida. We would be happy to help you with your next move. Please ca 239 269-3073 We will be happy to take the time and help you out with your needs and wants . Thanks!
Hi, Have you been pre-approved by a mortgage broker? This is absolutely the most important first step so that you will know exactly how much you can afford. Your mortgage broker will factor in the monthly condominium dues, insurance and property taxes, so that you know how much your monthly mortgage payment will be. This may very well also determine what you can or have to put down. There are hundreds of different mortgage programs out there, and which one you end up with may also require you to put a certain amount down. Make sure that you speak to at least two mortgage brokers, and try and not work with a bank, as they will push only their own bank products on you, which may not be the best deal: work with a reputable independent mortgage broker. If you need a name, let me know, I have worked with a terrific one for many years. He will speak to you at no obligation, he will let you know where you stand, and he is great at what he does. Different condominium associations have different requirements as far as deposit requirements go. My building, which is on the beach in east Fort Lauderdale, does not have a deposit requirement. However, some sellers will also require at least 10% down, sometimes more, before they will take their property off of the market.
Hi Ripp Tara: The majority of lenders will require 25% down if a condo association does not have a reserve fund. There are some that will require less..as little as 10%. Each and every condominium building is different, so it has to be looked at on an individual basis. There are also some creative financing where you put 10% and get a HELOC for 15%. My mortgage broker will always make it work. I'm in Fort Lauderdale area, where are you looking?
answer by Michael Angelo Wood. e-PRO
It all depend on the association and the lender, but it range between 5-20% down, you should try and get approved by a lender which will require your last two years tax return and current pay stub to move forward.
Good morning Tarra, there are different requirements for each association and your loan program you chose so it depends. Many associations require a 10% down. Lenders offer or require depending on your situation programs with 5%, 10%, 15% , 20% or more. If this will be a second home most likely your lender will ask for a minimum of 10% down. There are many other factors involved so happy to help.
HI I depends on your credit score and the Condo rules and regulations your purchasing.
Lending criteria has become more flexible this year and lenders are offering loans with down payments as low as 10%, and in some instances 5%, for the right buyer and the right condominium community. This is a vast improvement from just a couple years ago when condo buyers needed 20% down or more. Your local expert should direct you to a lender most knowledgeable in the community that you are shopping within.
Good morning Tarra, there are different requirements for each association and your loan program you chose so it depends. Many associations require a 10% down. Lenders offer or require depending on your situation programs with 5%, 10%, 15% , 20% or more. If this will be a second home most likely your lender will ask for a minimum of 10% down. There are many other factors involved. Connect with me and I am happy to help :)
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