Dan Vaks, Home Buyer in Berkeley, CA

i need 75k to buy a condo in florida, can i get financed??

Asked by Dan Vaks, Berkeley, CA Wed Dec 26, 2012

I have a credit score of 640 and a co-signer. I have roughly 15k downpayment.

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Answers

3
Hello

640 credit score is fine for a condo purchase on a conventional loan ( for FHA the property has to be FHA approved, which is harder to find in Florida)

you can go as high as 95% LTV on a condo purchase with very good credit

Anything above 80% LTV requires mortgage insurance , so that is where one runs into issues with how much down payment you may be required.


since you are putting 20% down, you should be fine

pls call me if you have any more questions

Thanks

Tom Bawany
Mortgage Loan Specialist
NMLS # 519971
Envoy Mortgage
407 924 2759
0 votes Thank Flag Link Mon Aug 3, 2015
A few variables to consider & hoops to jump through but it can be done. Also depends on the condo community. Your mortgage broker along with myself will help you through the process. Contact me & I'll give you a few names of reliable & honest brokers. Let's get started!
0 votes Thank Flag Link Tue Jan 8, 2013
Yes and if you find one that is FHA approved you will only need to put down 3.5 %
You will need a mortgage broker or lender in Fl to work with
0 votes Thank Flag Link Wed Dec 26, 2012
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