Home Buying in 32907>Question Details

mr.tgoody, Home Buyer in Palm Bay, FL

is 20% down the minimum? We are looking to buy a second home in Palm Bay. Our credit scores are high. Would 10% down be acceptable? Thanks Tom.

Asked by mr.tgoody, Palm Bay, FL Tue Jul 29, 2014

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4
I have worked with several clients using conventional financing with 5% down. You should consider the additional cost of Private Mortgage Insurance (PMI) with less than 20% down. I can put you in touch with a local lender who can explain the many financing options available.
0 votes Thank Flag Link Thu Jul 31, 2014
I think Phil meant for a conventional mortgage. Talk to a good local mortgage banker, not a big bank but a local firm that specializes in writing mortgages. If you don't know one, call a local realtor and ask to be referred. My instinct says you should be fine with 10% down but I am not a mortgage specialist.
0 votes Thank Flag Link Tue Jul 29, 2014
10-20% down conventional loans are possible, speak to a couple lenders and mortgage brokers to see what they offer. Shop around, ask questions, go see them and ask. You will find mortgage brokers (not associated with a single bank) will have the most options.
0 votes Thank Flag Link Tue Jul 29, 2014
For a cash offer - 10-20%
For FHA financing - 3-4%
For VA Financing - - 0% down.
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My office is in Palm Bay.....do you need any assistance in finding a home in the area?
.
If so, please let me know.
.
Phil Rotondo, Realtor
Coldwell Banker Residential Real Estate
Palm Bay, Fl.
mailto:phil@321property.com
1-321-698-5893
0 votes Thank Flag Link Tue Jul 29, 2014
I have worked with several clients using conventional financing with 5% down. You should consider the additional cost of Private Mortgage Insurance (PMI) with less than 20% down. I can put you in touch with a local lender who can explain the many financing options available.
Flag Thu Jul 31, 2014
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