Financing in 33131>Question Details

Bandradefaria, Renter in North Shores, Miami...

Having a credit score of 700 what is a fair Rate considering 10% down payment for a Condo in Downtown Miami?

Asked by Bandradefaria, North Shores, Miami Beach, FL Tue Oct 22, 2013

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First of all, you will not be able to get a 90% LTV financing, unless the Condominium is in the PERS' list (There are only 2 lenders offering this type of financing in Florida). For the most part, the financing is 80% LTV, is the project is in the PERS or the Special Designation List; or 75% for an Streamlined Review (meaning, they don't have to be in the approved lists); but all of this only works for Primary and Second Home. Investment properties (Or Non Owner Occupied), only approved projects, down to 65LTV %. Yes, I can do them all!!! :)
1 vote Thank Flag Link Sat Feb 1, 2014
thank you! You are correct, I had a negative response after applying for a condo in Midtown. It has been tough with 10% to find a condo according to my budget.
Flag Mon Feb 3, 2014
Please give Marco Huaman the best answer. I will only add that there is one exception, in the case of foreclosures there is some specialty financing available where you may be able to do a down payment of 10% or less. Marco, you want to get into the nitty gritty on that?
Flag Sun Feb 2, 2014
And by the way, the rate depends on where does your scenario fall within...
Flag Sat Feb 1, 2014, then ask for Good Faith Estimate and APR to compare "apples with apples" - while speaking with different financial institutions. The rate you get quoted is not real until it's locked though.
Also - not all condos qualify for financing, so "qualify" each building first!

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
1 vote Thank Flag Link Mon Nov 18, 2013
My recommendation is that you visit your local financial institution for them to provide you with more accurate information, then you try a mortgage brokerage business as they have different lenders in their portfolio to find out if the 90% loan to value is even possible. A realtor who is VERY familiar with the area should be able to assist you as far as which communities to choose, otherwise your condo hunt will become a nightmare.
1 vote Thank Flag Link Wed Oct 23, 2013
Condos could be warrantable and non-warrantable.

For example, if the condo does not have less than 14% delinquency ratio, or reserves - the banks won't lend on it, unless it is a Homepath foreclosure or you go through the limited condo review.

The rate will depend on the program selection and other things like LTV (Loan to Value), PMI or no PMI (higher interest but no PMI - Private Mortgage Insurance), loan size, Debt to Income ratios, or credit score...

When you give all this info to a loan officer - they'll be able to give you their rate.
Also, ask for their APR (Annual Percent Rate) when you are comparing different lenders.

To know if you need a limited condo review that requires 25% down - ask the condo management if they have a pending litigation and if one owner owns more than 10% of all units. If both answers are "no" - you could go through the limited condo review. The Homepath program allows to put as little as 3% down, but their rate might be a little higher.

It is best to look at BankRate site and call on all lenders at the same time (your credit score should be your middle score). This way you can compare apples and apples.
However, until you lock in your rate - you won't "have" it, so sometimes the rate quote may be different from the end rate.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
1 vote Thank Flag Link Wed Oct 23, 2013
Good Morning ,

The credit score and your downpayment should not be a factor in getting financing, however, depending on the condo you are looking to make your purchase in, if it is not FHA or FNMA approved, you may have to place as much as 25% as a downpayment. Your Realtor and/or lender should be able to let you know if the building you are considering are on the approved list. With the foreclosures the past several years many condo building lost their approval status so this should be something tht you factor in to your search. Good luck with your search.

Lila Lopez, CRS, CDPE, e-Pro
RE/MAX Advance Realty
1 vote Thank Flag Link Wed Oct 23, 2013
Rebecca A. Bass, Real Estate Pro in Tampa, FLI have been doing mortgage financing for 20 years and specialize in condo financing in Florida. To answer your question, there are several variables that need to be identified in this scenario (I.e. occupancy, income source, program and term, etc) I would love to discuss this current with you at your convenience and get you an attractive and accurate rate quote.A moment ago - [x] delete
1 vote Thank Flag Link Tue Oct 22, 2013
I specialize in the South Florida area. As the other professionals here have stated there are a few other factors to consider. Give me a call and with just a few questions answered I can give you a quote. Look at my reviews on Angie's List and Yelp. Looking forward to talking with you.

Jose Morales
0 votes Thank Flag Link Tue Oct 22, 2013
Hi, thanks I mortgage broker is already working with me, but I appreciate your contact. regards
Flag Wed Oct 23, 2013
There are many factors that go into quoting a rate that is not mentioned here: occupancy, loan amount, warrantability of the condo, etc.

Call me for a detailed quote not only of the rate but your closing costs also. No charge.

Ray Stevens
Branch Manager
GSF Mortgage Corp
239 481 9514
0 votes Thank Flag Link Tue Oct 22, 2013

Credit score and down payment are not the only factors involved in an interest rate quote.

I suggest you contact a mortgage professional in your area to discuss your situation and options.

Best regards,

Elva A. Wormley
Mortgage Consultant
(408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / DRE #01274093
0 votes Thank Flag Link Tue Oct 22, 2013
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