Home Buying in Naples>Question Details

ljulien, Home Buyer in Naples, FL

Need advice on buying a second home in Naples, FL with excellent credit but not the required 20% down payment.

Asked by ljulien, Naples, FL Sun Apr 14, 2013

Help the community by answering this question:


Mary Horesco’s answer
I have had success with buyers with a variety of financing needs with Summit Mortgage. They are correspondent lenders and do their own underwriting and are extremely professional and efficient.
I can assist you in all aspects of buying a home in Naples, Florida and am here to help you.
I know the market and the pitfalls if not guided correctly.

Mary Horesco
"Outstanding Performance Award Winner"
Downing-Frye Realty, Inc.
0 votes Thank Flag Link Sun Apr 14, 2013
Collier County is approved for 100% USDA financing - no money down, government backed.

USDA Mortgage Source - Florida USDA Loans, 7 days a week.
Ph: 904-302-6060
0 votes Thank Flag Link Tue Jul 21, 2015
I have several lenders I work with who do not require 20% down for second homes. Things are definitely getting better with the lenders. Call me for contact info: 239-571-0627
0 votes Thank Flag Link Mon May 6, 2013
Dear Ijulien, How about a portfolio lender? Many other potential avenues to explore.
If I can help call me @239-687-8008. No charge no obligation for the advice.
Steve Moller, Realtor
Vanderbilt Realtors
Naples FL 34109
0 votes Thank Flag Link Sun May 5, 2013
I have a 25 year plus background in banking and residential mortgage lending and you would not necessarily need 20% down with high credit scores. A bigger concern would be your loan to debt ratio. As long as your debt ratio is low & your credit scores are high, you shouldn't have a problem. I would suggest checking with your private banker at your bank. Also locally, I have had positive experiences with Summit Mortgage. Things are changing and a lot of the banks are again, looking to lend.

Please check out my website for more information: http://www.NaplesLuxuryRE.com or call me direct at (239) 877-7770!

Best Regards,

Sherree P Woods, PA
180 9th St S, Suite 300
Naples, FL. 34102
(239) 261-2244
0 votes Thank Flag Link Sun May 5, 2013
Dear L Julien, Thanks for your post. Many factors come into play when buying a second home. Perhaps I can give you some valuable tips free. Please feel free to call me at 239-963-1262
or free free to use our easy search website: http://www.buysellhomesnaplesfl.com/ to search the market yourself.
Steve Moller, Realtor
Vanderbilt Realtors
Naples FL 34109
0 votes Thank Flag Link Sun Apr 14, 2013
What's unique about the 10% down with NO PMI loan that I offer is:

1. No Hit To The Rate (no increase for No PMI)

2. Closing Costs paid for my borrowers

All around, nobody offers a better total pkg.


0 votes Thank Flag Link Sun Apr 14, 2013
Hello LJulien,

You don't need 20% down to purchase a 2nd home. I have an extensive backround in mortgage financing and my partner is also a licenced CAM (Community Association Manager). Together we have all of the answers to all of your questions. We would be happy to work with you from start to finish. We also have the technology to assist you from long distance. We are looking forward to assisting you with all of your real estate needs. Please give us a call. Please also ffel free to visit us on the web at http://www.buyandsellswfloridahomes.com

Thank You,
Jimmy Armstrong
The April and Jimmy Team
Realty Direct Naples
Jimmy 239-877-3194
April 239-384-4663
0 votes Thank Flag Link Sun Apr 14, 2013

If you are a US citizen, I work with a lender that can do less than 20% with no PMI on Jumbo loans. Difficult to come by these days! It depends on your price point, credit, employment history, debt to income.
There are a few programs available with less than 20% down, so options are available if you look in the right place.
We can take a look at currently available properties that match your criteria to see whats out there. Then, put together the numbers with the lender based on a specific property.

If you are looking strictly for investment, please take a look at my blog here with past Trulia Q&A's regarding investment property.

If you would like the mortgage info or a list of currently active properties, please follow the link below to my site or click my picture/profile here.

Best of luck with your second home search,

Danny Barto
0 votes Thank Flag Link Sun Apr 14, 2013
As the others have replied below, yes you can buy at a lower down payment.

Once you get pre-qualified for financing you will be in an excellent position to start your home search. Until then, you will be guessing to how much home you can afford. Start there to save yourself a lot of time.

If you would like some help through the process I would be happy to help you.

jerry Ruppel
Starlink Realty
0 votes Thank Flag Link Sun Apr 14, 2013
We can help with the home search, but you really need a mortgage broker to help figure out the financing first. We recommend http://www.coremortgagefinancial.com or nate@coremortgagefinancial.com. Tell Nate Team1 Real Estate referred you. http://www.naplesrealestateguys.com
0 votes Thank Flag Link Sun Apr 14, 2013
There are several lenders that offer 10% down on second homes. There will be PMI though. Fifth Third can do 5% down on second homes but I'm not certain of the exact loan criteria for that program.
0 votes Thank Flag Link Sun Apr 14, 2013
I'd buy it with 10% down and NO PMI!

See program #6 below, then contact me to talk about how to minimize payments and reduce out of pocket costs.

1) 100% LTV- VA / (VA Jumbo @ lower ltv)
2) 100% LTV- USDA/12 mo. into Chapter 13 BK…OK Too
3) 99% LTV- FHA / (FHA to 580 score @ lower ltv)

4) 97% LTV- No monthly MI-No FHA 1.75% Fee
5) 95% LTV- CONDO
6) 90% LTV- No PMI -2nd Home
7) 90% LTV- JUMBO
8) 85% LTV- No PMI - Super Jumbo
9) 80% LTV- Invest./Rental
10) 75% LTV- Foreign Nationals

--------STATED INCOME ALT up to Super Jumbo-----------
11) 80% LTV- FIX n’ FLIP Invest. Prop.
12) 75% LTV- Foreign Nationals
13) 75% CLTV- Short Sale, BK, Foreclosure Forgiveness
14) 70% LTV- Soft and Hard Money
16) COMMERCIAL PROGRAMS-available nationwide

Go to: http://WWW.PRO-OPTION.COM or call 888-662-4404

Steve McRory
Pro Option Mortgage/ Florida

Prior Service U.S. Marine Corps
0 votes Thank Flag Link Sun Apr 14, 2013
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