Financing in Destin>Question Details

justin, Home Buyer in Destin, FL

I am wanting to purchase a home in Sandestin for between 550000 and 600000. I am only wanting to put around 50000 down. What options do I have?

Asked by justin, Destin, FL Mon Jan 14, 2013

0 votes Share Flag Financing in Destin

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We have a JUMBO program that allows for 10% if you have above a 720 middle credit score. We lend nationwide, so feel free to call us at 800 315 8803.
1 vote Thank Flag Link Mon Jan 14, 2013
Are there any restrictions for zip code 32550? The credit score is not an issue. We are just in the beginning stage and trying to get info. Thanks
Flag Tue Jan 15, 2013
I have a loan product that will allow you to have 90% Combined loan to value via an 80% 1st mortgage and a 10% 2nd mortgage. The main stips are a 680+ credit score, and you must be able to document that you have 20% that could be put down, you just do not want to put that much cash down. We would have to find a lender willing to make the 10% 2nd mortgage for you also.

This product can finance loans > $417,000 as well. I am local, located on the west end of Panama City Beach.

Mike Tarleton
Bank of England
NMLS #264821
0 votes Thank Flag Link Wed Jan 23, 2013
When getting a load is it strictly based on the sale price of the home or is it the appraised value when calculating the 80%? For instance if I purchase a home for 550,000 but it appraises for 700,000 is it necessary to do an 80/20 since you already have the 20% in equity. Then I would simply be getting a loan for 805 of the home value. Thanks for your response
Flag Fri Jan 25, 2013
Always a good first step to visit with a reputable lender to discuss financing options first - Good Luck!
0 votes Thank Flag Link Mon Jan 14, 2013
Hi Justin, Your lender will look at your total financial picture to determine how much of a mortgage you can qualify for. Every person is different so talk to a "local lender" like LeeAnn Arrigo at Beach Community Bank and get prequalified. In the meantime, have you already picked out a place or a Realtor? If not, I'd love to help you find what you are looking for. Here's Lee Ann's contact info- she's great!
Lee Ann Arrigo - Beach Community Mortgage
Bus: (850) 315-4100
Mobile: (850) 461-1018
Bus Fax: (850) 315-4102
0 votes Thank Flag Link Mon Jan 14, 2013
If you have seen a lender and they tell you 15% is the minimum down payment, there are some great houses in Sandestin that you could qualify to purchase. As an example, there is a 3/3 built in 1993 nearly 2500 square feet that should be in your price range. Give me call for details. Pat 850-830-5541
0 votes Thank Flag Link Mon Jan 14, 2013
Will this be a primary or secondary residence? Are you looking at the single family detached home or a condo? The answers to these questions help determing the type of funding and the specific requirements for down payments. Working with a local lender is defintely a time saver here in the Destin market. It will save time, effort and heartache.
0 votes Thank Flag Link Mon Jan 14, 2013
Primary residence and it is a single family detached.
Flag Mon Jan 14, 2013
Justin, I contacted a lender friend of mine, unfortunately the only options is that they would require a minimum of 15% down. Loan programs would be 3/3 ARM, 5/5 ARM, 15 year fixed or 30 year fixed. The fixed rate loans would have a higher interest rate. The minimum credit score for this LTV would be 760 and the program is not allowed for condos.

I hope this answers your question. Please let me know if there is anything further I can provide. I can be reached at or 850-621-2347.

Have a great day!

0 votes Thank Flag Link Mon Jan 14, 2013
Working with an Accredited Buyer's Representative like myself Certified in Residential Sales is imperative in any purchase. The first step to the process is to become prequalified for your purchase. I would suggest a conversation with Regions Mortgage Lender Debbie.Parmer@ or you may call her today at 850-585-8448. She can assist you through the process of prequalification and give you guidance as to the very best financing options that you have.

Are you specifically looking for a primary residence, a condo, or a townhome? They all carry very different financing options and it will be based on the property being your primary home or a secondary home as well as your credit score. I can assist you through the process from start to finish and look forward to assisting you.
Warmly yours,

Kelly Klein, Lifeguard Real Estate, Inc.
0 votes Thank Flag Link Mon Jan 14, 2013
I already have been pre qualified through Regions but as this is a Jumbo amount they do not have any options other than 25% down on anything over 417000. I do not want to deplete my cash supply by that amount.
Flag Mon Jan 14, 2013
Hi Justin,

I would advise speaking with a Mortgage broker 1st. Purchasing with less than 10% down will be very hard unless you go FHA, USDA, or VA. I did some research and it appears that the limit for FHA in Walton county is only 362,790. If you have a bank that you work with that will do an in house loan and you are a "Private Client" you may be able to find an attractive financing deal that may work. In most cases on a conventional loan we are seeing banks require 20% down. I hope this helps. Feel free to call me for a list of competitive lenders.

Clayton Bonjean
0 votes Thank Flag Link Mon Jan 14, 2013
Good Morning Justin,

Regarding financing, it will depend totally on the type of property (single family, condo, etc) as to your down payment. I ran the stats and their are currently 36 properties in Sandestin that fit that description on the market .
Running the numbers, you will be cutting it close on the down payment as most want 20% down. At $500k that would be $100k down. You may have other options if this will be your primary residence.....if not, you may have to lower your price point.

Hope this helps.
0 votes Thank Flag Link Mon Jan 14, 2013
It will be my primary residence as we are relocating.
Flag Mon Jan 14, 2013
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