Current conventional financing will go to 95% Loan-to-Value. This would be based on having at least a 720 credit score. This is less a factor of the loan itself but of current mortgage insurance availability. However, Florida is a declining market right now so that means that mortgage insurance will take 5% off of the insurable loan amount, hence 90% max financing in Florida and a minimum 10% down payment requirement.
Now for Condos:
Mortgage Insurance companies have pretty much completely eliminated condos in declining markets from their portfolios, hence 80% max financing by default. Again, you could get a loan for 90% loan to value on a condo in Florida but nobody will insure the loan, so it is invalid. Your best bet if you want a condo is to find an FHA-insurable condo and obtain it with only 3.5% down. FHA does not have any declining market guidelines.
I hope that helps. Feel free to call me if you have any questions.
Bank of America Home Loans
Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.
Luke is correct...let me just reiterate what he is saying and shorten it up for you so it is clear as day.
Conventional mortgages require a minimum 10% down on single family homes and condos require a minimum down payment of 20%. It's as simple as that! :-)
Hope this helps.
Joshua Lerette - The Tampa Bay Mortgage Pro
Innovative Mortgage Services, Inc.
A good Blog that explains the Disastrous Effects of these new policies:
Best wishes to you,