Home Buying in Jupiter>Question Details

Mle7112, Home Buyer in Jupiter, FL

Townhouse- can I get a fixed conventional loan at 5% down? Two lenders with different information....

Asked by Mle7112, Jupiter, FL Mon Feb 18, 2013

Purchasing a townhome in palm beach county. I have a lender telling me that no mortgage company will insure a loan on a townhome unless I put 20% down. Since I only have 5% down the lender says I have to go with an FHA loan. I haven't found any information that says I can't get a conventional loan and I have another lender offering the loan at 5% down conventional fixed. Does anyone have any information on this or why the insurance company would not insure a townhouse? I have equity in the property at a feat purchase price and excellent credit so this loan is low risk. Thanks for any input.

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Answers

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After reviewing program #5 below, please email me at Steve@pro-option.com or call me

1) 100% LTV- VA - pay off debt at closing on a purchases too!
2) 100% LTV- USDA - 12 mo. into Chapter 13 BK…OK Too!
3) 99% LTV- FHA
4) 97% LTV- NEW- No PMI -No FHA 1.75% MIP Fee!
5) 95% LTV- NEW-No PMI!
6) 95% LTV- NEW-CONDO Loan
7) 90% LTV- NEW-No PMI -2nd Home
8) 90% LTV- New-Jumbo w/cc
9) 85% LTV- NEW- No PMI to Super Jumbo
10) 80% LTV- Rental Property

------------STATED INCOME ALT Loan programs-------------
11) 80% LTV- to Super Jumbo
12) 80% LTV- FIX n’ FLIP Invest. Prop. – No min. credit!
13) 75% LTV-to Mega Jumbo
14) 75% LTV- Foreign Nationals-to Super Jumbo
15) 75% CLTV-after Short Sale, BK, Foreclosure to Super Jumbo
16) 70% LTV- Hard Money to Jumbo
17) Lot Loans / Land Loans Too!

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

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
http://WWW.PRO-OPTION.COM
Ph: 888 662 4404
#204296

Prior Service U.S. Marine Corps
====
0 votes Thank Flag Link Sat Mar 2, 2013
Is it a homeowners association or a condo association that governs the HOA. My understanding is that a condo association would require 20%. Please feel free to ask my mortgage rep- Claudine at Group One -561-339-3480 whether they offer 5% conventional. I have not come across that recently but I have been selling single family and condos lately - JupitersDiscount Realtor.com - JIM RIORDAN
0 votes Thank Flag Link Fri Mar 1, 2013
Hi, my name is Charlie Forcucci and I am a realtor with Prudential Florida Realty in Jupiter. A couple of my customers last year were able to secure conventional financing with 5% down. There are many variables on qualifications, however my customers did get the loan and I believe it was through Wells Fargo. Good luck and happy house hunting!
0 votes Thank Flag Link Tue Feb 19, 2013
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See programs #4 and #5 below and then email me Steve@pro-option.com with the one(s) you'd like more info about:

1) 100% LTV- VA - pay off debt at closing on a purchases too!

2) 100% LTV- USDA - 12 mo. into Chapter 13 BK…OK Too!

3) 99% LTV- FHA

4) 97% LTV- NEW- No PMI -No FHA 1.75% MIP Fee!

5) 95% LTV- NEW-No PMI!

6) 95% LTV- NEW-CONDO Loan

7) 90% LTV- NEW-No PMI -2nd Home

8) 90% LTV- New-Jumbo w/cc

9) 85% LTV- NEW- No PMI to Super Jumbo

10) 80% LTV- Rental Property

Stated Income Alt Loan programs

11) 80% LTV- to Super Jumbo

12) 80% LTV- FIX n’ FLIP Invest. Prop. – No min. credit!

13) 75% LTV-to Mega Jumbo

14) 75% LTV- Foreign Nationals-to Super Jumbo

15) 75% CLTV-after Short Sale, BK, Foreclosure to Super Jumbo

16) 70% LTV- Hard Money to Jumbo

17) Lot Loans / Land Loans Too!

Go to: http://WWW.PRO-OPTION-COM or call 888-662-4404
0 votes Thank Flag Link Tue Feb 19, 2013
Your credentials as a borrower are only part of equation
for "mortgage financing". The " Property " is the Security
the lender has to feel confident about in making any loan!

Both Lenders and Insurors are increasingly concerned
over the problems they may face from properties that are
encumbered as part of a "Community " or "Association".

Many aspects of upkeep and stability are out of the hands
of the borrower. Financials,Replacement Reserves,
Insurance Coverage, and Formation Documents are now
items of interest on a Townhouse "deal," over and above
the traditional Appraisal Report on the property and any
number of issues raised as a result can prevent
"firm Commitment". Like it or not this is happening! This
could be some "background " to what you are hearing ! Keep Positive
but be aware of the business climate you are facing.

Bob Brubaker Highlight Realty Palm Beach County , Fl. 561-876-6649
Realtor and Licenced Comunity Association Manager
Web Reference: http://pbc-realcam.com
0 votes Thank Flag Link Mon Feb 18, 2013
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