Congratulations for paying off your mortgage up north!
You have gotten a lot of helpful answers here.
Also contact credit unions because they may have programs that will allow you to purchase with only 5% down.
Here is a helpful site written by a Wharton Business School professor that has good advice on how to shop for a mortgage:
If you haven't chosen a Realtor to help you find the right home, you're welcome to browse "like a Realtor" by signing up for a free ListingBook account on my website:
All the best,
Alma Rose Kee, PA
Future Home Realty
I don't forsee any issues getting you what you want. I'm a mortgage broker as well and would be happy to assist you with both your loan and finding your home here in Tampa. Let's get you pre-qualified first.
Go to http://www.KirstenMortgage.com/LoanApplication and complete the form as completely as possible.
You can leave it and come back to it as needed.
Even though your property is paid off up north, you still have carrying costs such as homeowner's insurance and property taxes. These monthly costs are factored into your application and added to the monthly costs of your second home in Florida. Then your debt to income (DTI) is calculated to determine the loan amount that you could carry.
To submit an offer in Florida, it would be advisable to have your pre approval letter in hand so that the letter could be submitted along with the offer to the Seller. If you select a bank owned property or short sale this would be a mandatory requirement. If you have approximately 5% or $7500 as a downpayment now you might have to consider lowering your price poit when looking for a second home to meet the 10% down requirement. Again, when you apply for a mortgage the process will provide you with a lot of answers to your question.
Properies price $150,000 and under are in high demand. You may be surprised to encounter multiple offers and Sellers unwilling to throw their properties at you to purchase them. Right now Florida is beginning the winter season which based upon early signs of heavy traffic looks like it will be a very busy year. If you are serious about purchasing a second home do not wait as the process might take longer than you anticpate.
You have picked the perfect time to acquire a Florida home. There are still good values to be realized in the Tampa area.
I would suggest a preliminary conversation with your financial planner or accountant in regards to your objectives in home purchasing. This will establish a foundation from which to begin your conversation with Tampa area lenders and real estate professionals. You absolute must work with a local lender. A call center in Utah can present real challenges in time critical situations.
There simply too many options available to you to attempt a comprehensive review in text.
Contact a local real estate agent and explore how your situation can be managed to achieve the best outcome for you.
Best of success in acquiring your "Fun in the Sun" home.
You can search for Tampa properties by using the link below.
Important tip: Bring lots of sunscreen :)
Since it is your second home, you may fall into an investment category and 5% down may not be enough. I would recommend you interview numerous mortgage lenders to get the best deal. Also, working with a mortgage broker down here will help minimize the anxiety pertaining the what the title company needs to close, since they know the requirements in Florida. If you need help, I would be happy to give you a list of tried and true mortgage brokers and help you with finding the right home here. PLease feel free to look at our website, which gives you access to MLS and may help you to find the right area.
Future Home Realty,
Give me a shout at 813-849-8554! I will put you in touch with a few lenders here and we can discuss exactly what you are looking for. You'll need some professional eyes and ears on the ground here!!
You will need between 10-20% down. Depending on your debt vs your income, we may possibly be able to do only 10% down. The process is very easy. If you would like to email me your phone number, I would be glad to call you and give you the information you would need or I can email it back to you. Whichever is easier for you. Rates are so low right now, it is crazy.
Your question regarding a Bank vs a Broker. A Bank has 4 corners and alot of times are very hard to get done and takes longer. With a Broker, some charge you more on the fees, but at the present time, I am actually giving credits back for the closing costs. Very rarely anymore do we have a 1% or more Origination Fee. The time frame for us to close a loan would be within 30 days from when you have an Executed Contract and Loan Documents signed. In alot of cases, it ends up being about 3 weeks.
Please let me know if I can help you out in any way or answer any questions.
I was born and raised in Tampa. :)