Financing in Winter Park>Question Details

Eop1015, Both Buyer and Seller in Winter Park, FL

Are 90/10 mortgages still available in Florida? We're having trouble coming up with 20% since housing is more $$ than in Memphis.

Asked by Eop1015, Winter Park, FL Sat Nov 13, 2010

Help the community by answering this question:


90/10 loans are not available unless you are getting a grant that is filed as a second mortgage. Your income is too high for those grants but there is 100% financing if you are buying in a rural area (USDA) or if you are a Vet (foreign service employees are also eligible). If not have your realtor show you HUD owned homes. You are only required to put $100 down on these homes. If you give a full offer, HUD will pay non-recurring closing costs.
1 vote Thank Flag Link Wed Dec 1, 2010
Hi Eop1015,

The limits depend on the type of property you are purchasing. For example in Seminole and Orange county:

Single family home $353,750
Duplex $452,850

What's the price point of the home? Have you considered getting an FHA loan? I would highly recommend speaking to a mortgage professional and receive a FREE consultation asap. There is NO need to provide your SSN's until you feel comfortable with what that professional has educated you on. Education is the key needed up front and throughout the entire home purchasing transaction.

Normalina Martin, e-PRO, ABR, SFR
Licensed Real Estate Broker
Clear Vision Realty & Associates
"We Solve Ordinary Real Estate Situations in an Extraordinary Way"
0 votes Thank Flag Link Fri Mar 1, 2013
Hi EOP1015,

Those mortgages are no longer offered by banks. FHA does not have any income limits but it does have a loan limit, which is determined by the area.

As you may know, those loans were created to avoid private mortgage insurance. Unfortunately, or fortunately (depending on how you view the mortgage meltdown), banks returned to conventional loan products that require private mortgage insurance for any loan with less than 20% down.

FHA may be an option for you as long as your loan amount does not exceed $353,750 (single family). The min. down payment will be 3.5% of the sale price plus FHA allows the seller to contribute up to 6% towards your closing costs. Conventional only allows up to 3%.seller contribution.

Feel free to contact me to discuss your financing options prior to your making an offer.

Good luck,
Senior Loan Officer - DPA and 203k Specialist
Freedom Mortgage Corp.
Orlando, FL
Cell: 407.591.7693
0 votes Thank Flag Link Tue Nov 30, 2010
There are many loan products available. You should definetly speak to a loan officer they can better direct you on the best laon program for you.
Thank you,
Ainsley Daux
Home Run Real Estate inc
0 votes Thank Flag Link Mon Nov 22, 2010
I don't think we are eligible for FHA because of our income. Doesn't it have to be under $110,000?
0 votes Thank Flag Link Sun Nov 14, 2010
Yes there may be a loan with 10% down if your credit score is high enough and your debt to income ratio is low enough.

Richard Shuman
(407) 448 7759
American Mortgage
& Florida Wholesale Realty Corp
0 votes Thank Flag Link Sun Nov 14, 2010

FHA requires a 3.5% down payment also there are other loan products available, best to talk with a local mortgage company, I recommend Scott Henderson at FBC Mortgage, he's knowledgeable but doesn't push.

Scott can be reached at:

cell - 407-312-8679
email -

Hope this helps,

Dave Lowe, Real Estate Broker
GRI, ePRO, Realtor

Community and Family Values
Web Reference:
0 votes Thank Flag Link Sat Nov 13, 2010
20% only required for second homes or investment.
If you are moving down you can purchase with as little as 3.5%

Let me know if you want names of local lenders.

Tony Vega
Charles Rutenberg Realty
0 votes Thank Flag Link Sat Nov 13, 2010
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