Foreign National â€“ can get a loan with as little as 30% down and minimum $100K loan size. It will most likely be a 1/1, 3/1, 5/1 or 7/1 ARM(adjustable mortgage). Rates vary regularly so call for details.
If you are living in another state and want to buy in Florida, that could be considered an investment or second property depending on what your plans are. With investment properties you would need at least 20% down whereas as second home it may be as low as 10% down. Both would be conventional loans and you would have to qualify with both mortgages unless the investment property is already rented. We may be able to count part of the investment property income if it has been rented for a while.
Lastly, if you are moving to Florida from any other state, you would apply for any mortgage that you would qualify for. The key factor here is that if you are going to occupy it you need to show that you have a job in Florida, in the same industry that you have been for the past two years, and have at least 30 days of paystubs in the Florida job.
Not sure if one of these scenarios is what you asked for. If not please rephrase the question and ask again.
Florida Mortgage Coach
â€œWe Coach You Through the Mortgage Processâ€
Thank you for contacting me. In todays market with many foreclosures and short sales most banks are requiring a minium 25% down. FInancing is avalible the best option is to speak to a mortgaage broker or go into your local bank. Have you done that yet? I can refer you a couple of mortgage brokers if you like. Please feel free to contact me directly (786) 357-0888 Beka.
Make sure you are dealing with licensed professionals who belong to state and national industry associations. These professionals will have to abide by strict codes of ethics and violators could pay dearly.
I typically suggest you deal with local professionals to where the property is. They often know much more about the way things are done, the local market and other important criteria and can guide you with more focused, localized advise.
National professionals attempting to assist you in a market they've never been are often ill prepared to properly consult you.
If you chose your professional from a referral, I would still check to make sure they meet the basics from above and that they are a compatibility match. Dealing with someone you don't like will not make this difficult process less difficult.
Mark Twain once said: Luck, is when preparation meets opportunity. Prepare and succeed. Don't get analysis paralysis. Make a decision based on calculated and researched criteria but in the end, you must trust yourself and the team of professionals you chose.
All the best
ENGEL & VÃ–LKERS Miami
1200 Brickell Bay Drive, Suite 100
Miami, FL 33131, USA
Talk to a local lender.
Like any buyer, you need good credit, a paying job, or all cash.
Go to http://www.penfed.org or http://www.amerisave.com