Home Buying in North Shores>Question Details

Michelle, Home Buyer in Chicago, IL

Can my husband and I buy a condo in Miami FL if we live in Chicago IL? We have about 15k for downpayment. Would a bank give us a loan to pay from ILL?

Asked by Michelle, Chicago, IL Tue Nov 16, 2010

My husband has been approved for a 170k loan with South Central Bank. We work in Chicago.

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Answers

12
Alistair Barrett-Powell’s answer
Hi Michelle,

Of course you can! If you haven't found one by now to live in here, please let me know and I'll be happy to help :)

Many thanks


Regards

Alistair Powell
Miami Executive Realty | 1024 Lenox Avenue | Miami Beach, FL 33139
Office: 305.501.4600 | Cell: 305.815.0880 | Fax: 305.501.4600
ap@miamiexec.com | http://www.miamiexec.com
0 votes Thank Flag Link Thu Apr 5, 2012
Hello,
You can purchase real estate in Florida and live in Chicago, as so many snow birds do every year! As a matter of fact Fla. was the second highest state last year for foreclosures second to California as it was in 2010 as well, but with a significent drop from 122,912 foreclosures in 2010 to 45,358 foreclosures in 2011. The market is recovering but suggest buying now while it is still priced below market value. Have a Great Day!


Best Regards,
Mike Stawizky
Keller Williams Realty
Commerce Market Center
(248) 980-4406
moveinnow.org
Visit us on trulia.com
0 votes Thank Flag Link Fri Mar 16, 2012
With so many out of state buyers, the Florida real estate marketplace is full of professionals handling situations identical to yours. Contact us today for more information.
0 votes Thank Flag Link Fri Mar 16, 2012
With so many out of state buyers, the Florida real estate marketplace is full of professionals handling situations identical to yours. Contact us today for more information.
0 votes Thank Flag Link Fri Mar 16, 2012
Congratulations on Prequalification, buying a second home or investment property in Miami is a wise choice, as it is increasingly a destination internationally. Search our properites below!
0 votes Thank Flag Link Fri Mar 16, 2012
It sounds like a condo in Miami would be either your second home or investment.
In both cases, the answer is yes, it is possible to buy in Miami while living and working in Chicago.
Most of people buying in FL are out of state/out of country buyers.
However, on a principal residence you'll need to put down 20% when buying a condo.
On investment property, the LTV (loan to value) will highly probable to be even lower,
meaning more money down + closing costs + insurance + home inspection costs etc.
With 170K loan qualification, I honestly feel that you'll need to save up more than 15K, before you can buy in FL. I suggest you speak to a reliable mortgage professional, specializing in FL properties,
which I could recommend if you'd like, to see exactly how much money you'll need to have in order
to get a mortgage for a condo in FL. It is a great time to buy here - the rates are super low, and the prices are still pretty good, although on the rise in many popular locations.

Irina Karan/Beachfront Realty, Inc. 305-904-2355 IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Mar 14, 2012
I love Chicago... Go Cubs and Bears.. I use to live by Oak Park... As to your question.. yes one can obtain a loan. I strongly suggest that you get a pre qualification or pre approval letter first. At that point I could aid you in your search and consummate a purchase in Miami. I am a State Certified Appraiser, Realtor, Appraisal Instructor.. No One Know Value Better... You will get my many years of expertise for FREE. All you have to do is be loyal, be willing to listen, and have an open dialogue with me. I love people and I am willing to answer all questions....

Realtor - Keller Williams
State Certified Appraiser
Appraisal Instructor

My best friend is a Mortgage Underwriter too... Call me at 754-234-2352 or email me at SouthFloridaAppraiser@yahoo.com
0 votes Thank Flag Link Tue Mar 13, 2012
Unless you are looking to relocate to Florida - we have no state income tax, which is nice :)
0 votes Thank Flag Link Mon Nov 22, 2010
Unless you are looking to relocate to Florida - we have no state income tax, which is nice :)
0 votes Thank Flag Link Mon Nov 22, 2010
Yes. You can get a loan without any problem for a home in FL. You would be considered investors or vacation home buyers and would have to put 20% down on anything you buy.
0 votes Thank Flag Link Mon Nov 22, 2010
Hi Michelle

You can certainly buy a condo in Miami coming down from Chicago. Besides the $15,000 you have saved for a down payment, you need to make sure you have additional money set aside for things like Closing Costs, condo maintenance fees and property taxes.

Best regards,
Audra
0 votes Thank Flag Link Mon Nov 22, 2010
Absolutely. This is done all the time.
Please let me know if you have any further questions. I will be very happy to help.
Phil Rotondo, Realtor
ERA Showcase Properties and Investments
Melbourne, Fl.
1-321-394-7878
mailto:phil@321property.com
Web Reference: http://www.321property.com
0 votes Thank Flag Link Tue Nov 16, 2010
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