You can still buy a condo in Aventura with your great scores and 20% down.
However, the best way to buy would be through Homepath or Homesteps programs (FNMA and Freddie Mac owned foreclosures).
You got to watch the websites for Homepath and Homesteps for good opportunities to come up, but they do come up. When the property is sold through these programs, you have an advantage as the principal residence buyer (as long as your offer is competative).
Will be happy to answer any of your questions,
Beachfront Realty, Inc.
Best wishes whatever you decide. Merry Christmas. Jim
Unfortunately this is a common problem. With condos still considered a heavily depreciating asset, you'll be hard pressed to find anyone to lend on one that is not financially strong. I would try a local credit union on this one. Best of luck.
Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 â€“ Toll Free
813.402.4637 â€“ Direct Line
727.488.7355 â€“ Cell
888.692.5967 â€“ Fax
I don't think there is anything you can do to change those guidelines, the only thing I have had my mortge broker do to help in this situation is to do a limited review, which requires 30%..
It is tough, and reserves are one to fthe requirements for a conventional loan, you may just have to find a building that has reserves, and Aventura does have some solid buildings, they just may not be the newer ones.
Get in touch if you need any advice, I live in Aventura!
South Florida Brokers