Home Buying in Weston>Question Details

Vanessa, Home Buyer in Weston, FL

We are evaluating buying a home in Weston, FL. but have little cash accumulated for a down payment. What should I consider for an FHA loan in Broward?

Asked by Vanessa, Weston, FL Tue Aug 7, 2012

My husband and I have very good credit scores and incomes but have not been able to save for a 20% down payment for a conventional loan since we own a home in Chicago, which we had to rent given the depressed real estate market. Therefore, our funds for a down payment are tied in our Chicago home but we want to buy soon in Florida instead of renting here. Would we classify for an FHA loan if we had very good income levels? What are some limitations in terms of FHA loans? Are there communities that do not accept FHA loans? Would appreciate some advice on the watchouts as we think about this. Thanks!

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Meir Aloni’s answer
Hi Vanessa,
Your 1st step should be to contact a GOOD loan office; one such source of info is Lisa at 561-400-9478; she owns her own co. and very good at what she is doing.
Once you know what your options are (as far as the right loan for you) we can cover everything else....
With enthusiasm,,
Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com

All Star Realty Inc.
0 votes Thank Flag Link Sun Oct 21, 2012
Stay away from FHA loans if possible as they are not cheap! I write FHA loans, but as a last resort as there are better programs available for qualified borrowers.

You are aware that PMI and MI is non tax deductible over 100k income right?

Check out:

97% No PMI- No 1.75% MIP Fee stacked n top of the loan and No monthly MI

95% No PMI

or look at:

90% No PMI - 2nd home

In addtion to this, believe it or not, my realtor partners will share the realtor points to pay for my client's closing costs!

No other Mortgage Broker will dare offer to help you with this savings, but I have the program in place and recruiting realtors all the time that want in on Pre Approved referrals from a Mortgage Broker.

Here is an example of a realtor GFB (Good Faith Bid) to earn your business on a 500k purchase:


Read how and why:


Contact me before getting tied down to a realtor and let's talk about this savings available to buyers.

Steve McRory

Pro Option Mortgage/ Florida



Ph: 888 662 4404

Prior Service U.S. Marine Corps
1 vote Thank Flag Link Tue Aug 7, 2012
Hello Vanessa, If you are still evaluating a purchase in Weston and need info for a loan you should contact Jason Winder below:

Jason Winder
Senior Loan Officer
Sunbelt Lending Services
NMLS # 377035
Ofc: 954-389-0672
Fax: 856-917-2612
Cell: 954-651-0544

If you are still looking where to find the bext proprties in Weston, please contact me and I can send you a list of homes to preview.

All the best,

Domingos Carlos P.A.
Direct: 305-301-4298
Fax: 954-384-7912
Coldwell Banker, RE
2690 Weston Road, Ste. 101
Weston, FL 33331
twitter: @imoveis_miami
Falo Portugues – Hablo Espanol

Do you know anyone looking to buy or sell real estate? Share my website for updated news and search criteria at http://www.floridamoves.com/domingos.carlos
0 votes Thank Flag Link Fri Apr 12, 2013
well there are a couple choices, the first would be fha which is 3.5% down payment, this will require good credit...next would be option to lease.....call to discuss this further...
thanks for the inquire...
0 votes Thank Flag Link Tue Aug 7, 2012
Hello Vanessa,

if you are planning on moving to Weston, making your new home your primary residence, you could qualify for a FHA loan, where you are only required to put down 3.5 %.

There are some restrictions on getting a FHA loan for some Condos, but other then that there should be no problem finding a beautiful home with a lenders approval for a FHA loan.

My office is located in Pembroke Pines, which is right next to Weston and it would be my pleasure, making your wish of homeownership come true.

Please feel free to contact me at your earliest convenience, if I may be of any service to you.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
NMLS# 299 244

Cell: 954.695.4849
0 votes Thank Flag Link Tue Aug 7, 2012
Dear Vanessa,

Hi! It sounds like you are ready to leave the cold winters and have some sunshine in your life. Your options look like FHA which is 3.5% downpayment and another 5% to 6% in closing costs, (so try 10% of your purchase price to be on the safe side for a home purchase). You may also consider conventional financing with 5% downpayment.

FHA will not work with a condominium. Condo's are asking conventional financing with 20% of your purchase price as a down payment.

I have lived in Weston for 17 years. It is a beautiful city! Let me know if I can send you information on the communities inside of Weston, Florida. I can send you a few of the mortgage consultants I work with from various known banking institutions.

Susan Penn, PA, SFR, CDPE http://about.me/HomesForSale_SusanJPennPA
EWM Realtors® | A HomeServices of America Company | An Affiliate of Berkshire Hathaway
2000 Main Street, Suite 103 | Weston, FL 33326
T: 954.306.7337 | C: 954.557.5993 | F: 954.515.0200 | penn.s@ewm.com | http://www.ewm.com
0 votes Thank Flag Link Tue Aug 7, 2012
Hi Vanessa, you can contact me directly and I will put you in contact with my mortgage broker immediately. I'm Weston resident for many years and my office is also in Weston.
Javier Diaz, Realtor with The Keyes Company.
0 votes Thank Flag Link Tue Aug 7, 2012
Let's see if you can buy now while rates and prices are this low!

Response from a retail Bank Rep. after I asked her how many of the below programs they can offer. She wrote back:

Honestly Steve, after reviewing them, I don’t think we can do any of these. We are pretty vanilla, Straight FHA VA conventional. I will keep your flyer and if I run across anyone we can't help I will send them your way. thanks

100% LTV- USDA/12 mo. into Chapter 13 BK is OK!
100% LTV- VA/can pay off debts on purchases too!
99% LTV- FHA ($100.00 down)

97% LTV- No PMI and no 1.75% FHA FEE

95% LTV- No PMI


90% LTV- 2nd Home


85% LTV- NO PMI to Super Jumbo

STATED INCOME ALT loan programs: http://www.StatedIncomeAlt.com

80% LTV- FIX n’ FLIP Invest. Prop.

75% LTV- NEW- Stated Income Alt

75% LTV- NEW- Foreign Nationals- Stated Income Alt

75% CLTV-NEW- after Short Sale, BK or Foreclosure

70% LTV- Soft and Hard Money -Stated Income Alt

LOT/VACANT LAND LOANS up to $30,000/ $363.00 mo. pymt.

COMMERCIAL PROGRAMS (many programs available nationwide)

Steve McRory

Pro Option Mortgage/Florida



Ph: 888 662 4404

Prior Service U.S. Marine Corps
0 votes Thank Flag Link Tue Aug 7, 2012
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