Home Buying in Sarasota>Question Details

Don Avery, Home Buyer in Sarasota, FL

Looking for Lenders

Asked by Don Avery, Sarasota, FL Fri Jan 23, 2009

We are looking for lenders in the area for a 20% down vacation condo purchase. We have good credit

Help the community by answering this question:

Answers

4
Don

I can provide financing at 25% down on condos for a second home and I am in Sarasota. I have found the majority of lenders have stopped financing condo's in Florida

Christopher Lyon
Licensed Mortgage Broker
941-412-1511
2 votes Thank Flag Link Tue Mar 24, 2009
Don,

You may want to check out Wells Fargo's website: http://www.wellsfargo.com

We would be happy to provide you with additional information.

Susan & Bill Eckler
Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
1 vote Thank Flag Link Sat Jan 31, 2009
We are one such lender, and we're headquartered here in Florida. Your scenario sounds doable. A few things to bear in mind... Condos in general and Florida condos in particular are not a slam dunk. You can easily pick a condo that is ineligible for mortgage financing. Check with me or someone else who knows what they're doing, before you get serious... Credit is important, but it is just part of your overall profile. Qualifying income and debt ratios are vital, and figuring out what's doable requires discussion and careful analysis... Substantiating your vacation home (second home) premise also requires an understanding of the facts and circumstances. The mortgage industry is extremely cautious these days. Your story has to make sense. If there's any doubt, underwriters will err on the side of caution and deem your proposed purchase to be an investment property, which means stricter rules and the worst rates. To avoid nasty surprises, this should be discussed with an expert mortgage advisor up front... If you'd like to contact me, please feel free: James Wheeler, 813-600-3428.
1 vote Thank Flag Link Sat Jan 24, 2009
Huh??

if you have 20% down and a credit score in the mid 7s, Im sure Florida will have an ample supply of lenders
0 votes Thank Flag Link Fri Jan 23, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer