Financing in 33132>Question Details

Nikki Arnold, Real Estate Pro in 33132

Are lenders willing to lend in downtown Miami?

Asked by Nikki Arnold, 33132 Tue Nov 9, 2010

know if there are any financial institutions willing to lend for condos in downtown Miami? I have a great credit score, with a 20%down payment and I qualify for a significant amount more than what I am asking to borrow. But my real estate agent is basically telling me I need to put down 30% to close in downtown Miami, does anyone know who is lending in downtown? With only 20%

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HOW would a Realtor know how much you are required as a downpayment ONLY a mortgage broker is qualified who presents the lender for the required amount(s) you will need.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Tue Jan 4, 2011

Banks ARE willing to loan in downtown Miami. An agent should not put a blanket statement on what financial instituations will require from a buyer as this varies from building to building.
Banks have very strict guidelines they adhear to when determing what percentage down they require from a buyer. They look at questions pertaining to the building such as,
What percentage of the building is non owner occupied?
How many owners are 30 days or more delinquent with their hoa fees?
What percentage of funds are in the buildings reserves?

It is important for an agent to know what buildings are financially sound in their market. This will save you time when looking at properties. Its a waste of time looking at a building that a bank will not lend in.

Neo Verticka which is located on the river is a great building, financially sound, good appraisal value, great deals.

Rachelle Hirt
GZI Real Estate
0 votes Thank Flag Link Tue Jan 4, 2011
Yes, lenders will grant mortgages in downtown Miami, although the amount they will lend varies between the buildings. Very few are FHA approved, but there are some. Many will accept conventional financing with large down payments. Which buildings are you looking at?
0 votes Thank Flag Link Tue Nov 9, 2010
The amount we will finance in Miami depends on the condo. Is it FHA approved, if it is you only need 3.5% down. I would suggest you find a realtor who knows the buildings.
0 votes Thank Flag Link Tue Nov 9, 2010
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