Every lender has their own rules, so you will sometimes get conflicting programs with different requirements to look at from different lenders. The rates can differ slightly between condo's and homes, and each lender can price your loan differently. The best way to get information is to contact a broker :) and find out what we can do for you. It's always better to let them know this is my current financial situation i.e how much you want to put down, what can you afford each month, so that we can find the program that best fits you, and you don't have to try and dig up the information by yourself .

You don't have to give your social to lenders if you know your score, some details such as your credit score or range, current monthly debts, gross monthly income, approx purchase price you are hoping for, what type of loan you want 15-30yr, fixed or not, these will be very helpful and you can narrow down the programs, rate, down payment that are available a lot quicker. If you would like, I can send you the rates for your purchase for any property type right to your email, no obligation.

Thanks,

RJ
rmishra@omfinancialgroup.com
616-780-5803

You can do up to 30% down, but you will still need to show income and other documents.

Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.

Good Luck.

Hello Phmtch,

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.
727-488-7355
Josh@thetbmortgagepro.com

Okay, so here's the story:
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.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com

New Fannie Mae Condo Guidelines that went into effect January 2009:

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0834.pdf

A good Blog that explains the Disastrous Effects of these new policies:

http://www.miamicondoinvestments.com/2009/01/26/new-fannie-m…

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Best wishes to you,
Fred
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