Home Buying in 33900>Question Details

thebergenorm…, Home Buyer in Fort Myers, FL

Is a 5% down condo mortgage a reality in today's market? It will be our primary residence. Tku in advance for your answer.

Asked by thebergenormand, Fort Myers, FL Sat Oct 20, 2012

Help the community by answering this question:


Hey Steve,

why don't you tell the consumers(buyers) that you will charged them points on their loans and on top of that you will make additional commission for every loan you closed. BTW. On your intro to the end of your BLAH BLAH BLAH.... I didn't saw you offering part of your commission to buyers. YOU SHOULD PROVIDE A LIST OF BANKS AND MORTGAGE BROKERS WHO WILL HELP THEM PAY CLOSING COST TO ALL BUYERS.... WOW... I thought loan officers like you were long gone. I guess not!!!
1 vote Thank Flag Link Tue Jun 4, 2013
Your first sentence, and then the "offer your commission" tells me you know absolutely nothing about the mortgage business, fees, and .disclosure. How dare you suggest he is nothing but compliant and honest in his disclosures. Your last sentence is very condescending, and outlines exactly how much you don't know about the lending process. It seems to me that you are upset because he mentioned how an agent, like you and I, can offer our commission towards closing costs. But I bet you would be quick to expect a Loan Officer drop their fees.
Flag Sun Jun 16, 2013
If I were your client, and I saw you delivering bad, misinformed information, and then attack another hard working professional, licensed and experienced in that field, because they offered factual, sound, direct advice backed up by a few other mortgage professionals on here, I'd fire you.
Flag Sun Jun 16, 2013
Margie, as Realtor and federally licensed Mortgage Broker, who would consider Steve my competition, I see no problem with his comments. I do suspect your ego is a bit out of hand. This website is for real estate professionals. Not just Margie, Realtor. Steve is right. leave the mortgage information to the licensed professionals. I don't care much for agents like yourself who think just because you advertise yourself into the first position in meeting clients, you somehow own them, and any mortgage professional should be blessed with your referral. Buyers are people who deserve professionalism from us all. The egos should stay at home.
The question posed in this thread was regarding financing, yet you somehoww have a problem with a mortgage professional offering an answer? Get over yourself. He answered with sound, and factual advice....again, he is a competitor to me, who I don't even know. But I guess you didn't like his answer, so you attack him? Flag him????
Flag Sun Jun 16, 2013
TRULIA should be monitoring these responses. Steve blasts the Realtors...if it wasn't for Realtors getting listings and sales where would he get his clients?? Most agents I deal with are very well informed and experienced with all avenues of lenders....whether they are a bank or a mortgage broker.
1 vote Thank Flag Link Wed Oct 24, 2012
Please select ANY condo in a 55+ community constructed around 1970.
Then call Steve and have him explain this great 5% down loan he can get you. Get the details and if there are 'buyer' incentives, ask how much he is contributing to these incentives.
Then please come back here and let us know the outcome.

We all want to be informed.
1 vote Thank Flag Link Sat Oct 20, 2012

I love realtors, but I don't believe they should be giving out Mortgage info that is 100% wrong!

Sorry if anyone is offended, but just calling it like I see it.

BTW- I get a lot of consumers and realtors contacting me as it seems they appreciate straight forward talk.

As far as realtor commissions? Like every educated consumer, I believe that a 6% extraction of America's Tax Free Home Equity... $30,000 on a $500,000 home is simply rediculious...and avoidable!

As a Mortgage Broker, like all in my industry, has been the victims of countless realtors over the years who complain about our rates and fees no matter how low they are. So I developed a REALTOR REBATE Referral system for educated borrowers to avoid Forfeiting so much of their home equity in realtor points.

NOTE: consumers should shop lenders and realtors for their Best Overall Deal.

The Florida Real Estate Commission(FREC) Rule 61J2-10.028 (2) provides that a licensee may share brokerage compensation with a party to a transaction as long as full disclosure is given to all interested parties.

US Dept. of Justice Consumer Alert: Consumers Can Save Thousands of Dollars in Commissions


Contact me and I’ll introduce you to realtors who offer Buyer’s Agent Credit savings anywhere in FL.

Steve McRory

Pro Option Mortgage



Ph: 888 662 4404

Prior Service U.S. Marine Corps

0 votes Thank Flag Link Wed Oct 24, 2012
Marge, make sure to "flag" any comments you think are inappropriate - I do.

Steve clearly has a personal agenda he likes to promote at any given opportunity - even if he has to create the "opportunity".

I can only assume he doesn't care about insulting the very people who could be a source of business.
I also find that consumers don't take well to abrasive or pushy personalities.

So - to each his own.
0 votes Thank Flag Link Wed Oct 24, 2012
No a 5% down payment is not a reality in today's market. The reason is that there is no private mortgage insurance available on condos in the state of Florida. Even primary residence condo must have 20% down.
One way around the 20% down would be with owners financing. Many seller would be willing to hold a private mortgage.

Lower down payments are available on single family homes. FHA is back strong in lending and only requires a 3.75% down payment.

Let me know how I can best help you find your dream property and to take advantage of todays prices while we still have inventory.
0 votes Thank Flag Link Wed Oct 24, 2012
You could put down 3 1/2 to 5% on a condo "if" it is FHA Approved.
0 votes Thank Flag Link Wed Oct 24, 2012
No a 5% down payment is not a reality in today's market. There is no private mortgage insurance available on condos in the state of Florida. Because of this the buyer needs to have 20% down even when it is a primary home. In some cases perhaps owner financing is available then a down payment of a lesser amount is possible. Many sellers will take seller financing.

FHA financing has come back strong. In addition to FHA there is also Home Path financing.
Both offer very low down payments.

Let me know how I can best help you find the real estate property that you desire and make that property your home.
0 votes Thank Flag Link Wed Oct 24, 2012
Why not?
Often, it is the only way your offer can be considered and hopefully accepted ( mostly for condos, cz HOA issues, when 3.5%( FHA) or 3%(Homepath) is not an available option.)
0 votes Thank Flag Link Sat Oct 20, 2012
These 95% condo loans are not FHA or Homepath.

0 votes Thank Flag Link Sat Oct 20, 2012
Don't listen to those below who are uninformed and not up to date on available financing options for FL

95% condo loans are very rare but i can do them and no, they are not Homepath either!

See the 95% condo loan program at http://www.pro-option.com

Email me for more info

0 votes Thank Flag Link Sat Oct 20, 2012
it's possible like folks have said, but these are not necessarily the ones you want. Find a good lender, ask what loan programs they have and if they have a 5% down program that tsn't FHA or HomePath.
0 votes Thank Flag Link Sat Oct 20, 2012
YES!! Go to http://www.HomePath.com and http://www.HomeSteps.com and look for condos that have already been approved for a HomePath loan with as little as 3% DOWN or a Home Steps mortgage for as little as 5% DOWN!!! These are great Fannie Mae and Freddie Mac programs where the condo has already been approved - it's just waiting for a buyer. FHA is sometimes an option IF the condo community has been approved by FHA. Unfortunately, most condo communities are not approved for FHA financing now. YES, YES, YES! You can buy with only 5% down. Please let me know how I can help...

Best wishes,

Patti North
Broker Associate
Alliance Realty Group
0 votes Thank Flag Link Sat Oct 20, 2012
Only in certain foreclosures. Conventional financing requires 25-30% down. I'd be happy to help you search out the homes that best suit your need. For example, a 2 bedroom plus den unit in a nice gated community witha 1 car garage can be bought with 5% down right now!
0 votes Thank Flag Link Sat Oct 20, 2012
With FHA loan, you can put down 3.5 percent.
However, as Debra said, the complex has to be FHA certified or approve.
She has provided you the link that you can use to check if the unit you are interested in is in an FHA-approved complex.

Good Luck.
0 votes Thank Flag Link Sat Oct 20, 2012
you can check to see if a particular condo complex, anywhere in the country, is on the FHA's "approved" list - if it isn't, then you cannot get an FHA loan - check out the following site, and click on "list of approved condominiums" - the site is not "open" all the time - see posted hours


if you are putting down 5%, you can potentially go for a conventional loan, but your credit scores will have to be higher than with an FHA loan
0 votes Thank Flag Link Sat Oct 20, 2012
FHA loan but condos are difficult to finance in the current market.
0 votes Thank Flag Link Sat Oct 20, 2012
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