Home Buying in 33484>Question Details

Robynmiz, Home Buyer in Delray Beach, FL

What is the minimum downpayment for a mortgage for a villa, a PUD, and a condo?

Asked by Robynmiz, Delray Beach, FL Fri Nov 23, 2012

Help the community by answering this question:


Jennifer Susanne Sommers’ answer
Dear Robyn,

I have a great Mortgage Broker:
Emmanuel St.Germain

Vice President

Choice Mortgage Bank

(o) 561.362.8441 x 209

(f) 561.277.2543

(c) 561.400.7317



Sincerely yours,
Jen Sommers
Jennifer Sommers, Nestler Poletto Sotheby's International Realty
One South Ocean Boulevard, Suite 11 ⃓ Boca Raton, Florida 33432

O. 561.235.7777⃓ C. 786.390.9299 ⃓ F. 561.997.2614
Jen@AgentBoca.com ⃓ http://www.AgentBoca.com

"Artfully Uniting Extraordinary Properties with Extraordinary Lives"
Web Reference: http://www.agentboca.com
0 votes Thank Flag Link Sun Dec 23, 2012

Qualified borrowers can purchase condos with only 5% down. Townhomes with as little as 3% down, avoiding FHA all together.

See below programs #4 and #6 and contact me Monday after 2:00.

1) 100% LTV- USDA/12 mo. into Chapter 13 BK is OK
2) 100% LTV- VA/can pay off debts on purchases too
3) 99% LTV- FHA

4) 97% LTV- No PMI/MI and No 1.75% FHA FEE
5) 95% LTV- No PMI
6) 95% LTV- CONDO purchase
7) 90% LTV- No PMI-2nd Home
8) 90% LTV- JUMBO w/cc
9) 85% LTV- NO PMI to Super Jumbo
10) 80% LTV- Invest. Prop.

STATED INCOME ALT loan programs: http://www.StatedIncomeAlt.com
11) 80% LTV- FIX n’ FLIP Invest. Prop.
12) 80% LTV- NEW- Stated Income Alt
13) 75% LTV- NEW- Foreign Nationals- Stated Income Alt
14) 75% CLTV-NEW- after Short Sale, BK or Foreclosure
15) 70% LTV- Soft and Hard Money -Stated Income Alt

17) 55% LOT/VACANT LAND LOANS (by case basis)
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 Sun Nov 25, 2012
Dear Robynmiz,

That question has many correct answers depending on the circumstances of your loan, the property and the various programs out there available to borrowers. For the lowest down payment options a Fannie Mae property eligible for HomePath allows for low down payment coupled with no mortgage insurance. Some condo projects that are not FHA approved will require 30% down payments or larger depending on your particular situation.

The best thing you can do is locate a qualified Realtor who can assist you in finding a lender who will best suit your needs and properly assist you in locating good opportunities. In this market you have to be ready to act quickly when the right opportunities present themselves. If your search brings you to Palm Beach or Martin Counties I would be very happy to work with you towards meeting your goals. The current market is really a perfect storm and in my opinion Florida real estate in the right location is one of the absolute best investment opportunities we will see in our lifetimes.

Best of luck and if I can offer anything additional please let me know.

Always at Your Service,

Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
0 votes Thank Flag Link Sat Nov 24, 2012
Villa and pud is 3.5% and the condo is 3.5-20% depending if it is FHA approved or not

Marni Zuckerman
Signature International Real Estate
0 votes Thank Flag Link Fri Nov 23, 2012
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