I want to buy a home in FL. I currently live in NYC. Lenders are telling me i would have to put at least 10%

Asked by Jerry, Queens, NY Thu May 1, 2008

I want to buy a home in FL. I currently live in NYC. Lenders are telling me i would have to put at least 10% down because it would be considered as a second home. Im currently in the middle stages of getting a job transfer so i would like to have my fiance (Shes currently living in FL) living in the new home until i get to FL. I was just curious if theres another way around the 10% down payment? I never owned a home before but i would like to do 95%-100% financing.

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Dacia Dixon, Agent, Championsgate, FL
Fri May 16, 2008
we can help you, call me 321-437-6205/e-mail diselad@aol.com
we specialize and first time buyer's, foreclosure homes,investor looking for a good deal, our main area
Celebration,kissimmee, Poinciana, Davenport, Orlando.....FL " Down payment assitant program,"
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Zack, , Westchester County, NY
Fri May 16, 2008
Jerry, how quickly are you hoping to be upside down in your home? 1 month or 1 year, that's the difference between 95% and 100% financing. Good luck.
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Kathleen Ril…, Home Seller, Terra Ceia, FL
Fri May 16, 2008
Dear Jerry,
My husband and I are selling a home on Terra Ceia Island on the Gulf Coast. It is located south of St. Petersburg and in fact, as you go south over the Skyway Bridge, at the top, look to your right and you will see a body of land...that is Terra Ceia Island. Twenty minutes from St. Pete and thirty from Tampa and Sarasota. Our home is a two story Key West style, two bedroom, two bathroom with a four-car garage under the main living area with ten foot ceilings. It is on a canal lot surrounded by 298' of water and is only three houses from the open bay. No bridges to contend with. Terra Ceia has a definite casual lifestyle, with neighbors riding golf carts, bicycles, jogging or roller blading. The name Terra Ceia translates to "Land Heavenly" and it truly is! Our asking price is $399,000 with homes around us selling for million plus. Please look at our site on http://www.zillow.com, key in 34250 zip code and look for our address 1115 Bayshore Drive. If you have any questions, contact our email address. Good luck in your search for your Florida home. Kathy Riley, ekriley@mounet.com
Web Reference:  http://www.zillow.com
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Eric Nutting, Home Seller, East Central Park, Orlando, FL
Fri May 2, 2008
Perhaps you or your fiancé is familiar with the Davenport area. It is quite near to Disney, I-4, new shopping, good schools, etc. We have a home in Sunridge Woods that we are selling on our own. We have 5 kids and just simply out grew it. It is vacant at this time. We will be there all weekend working on it. If you would consider a lease option, you could acquire our home for less than 10% down. In fact, we would be as flexible as possible to help you realize your goals. In any case, good luck. Feel free to contact me if interested.
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Fri May 2, 2008
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Jennifer Pow…, Home Buyer, Ormond Beach, FL
Fri May 2, 2008
Depending on the loan amount and if the loan would be in your name and your fiance, you might qualify for FHA. FHA only requires 3% downpayment and the seller can contribute up to 6% towards closing costs. Your doing the smart thing to check out your loan options before looking for a home. I would be more than happy to discuss this option with you further. You can reach me at 386-882-5699. Best of luck!
0 votes
Mark Palace, Agent, Satellite Beach, FL
Fri May 2, 2008
Hi Jerrry: I have checked out your question with my assistant who is a mortgage broker, Michael Petrizzo. He has given us the following answer:

If her credit is over 700 and we can show proof of income and assets to support the mortgage than we can get 95% if this will be her primary residence. If he does not own a home in NY than he can purchase it as well for 95% if the credit score is over 700. If the credit score is not over 700 than we may be able to go FHA but it depends on if either one of them own something else. If they would like to call me and review this, feel free to have them reach me on 516 965 7033.

Mark Palace, CEO/Founder
Palace Properties International, Inc.
0 votes
Carlos German, , Central Florida, Orlando, Kissimmee, Davenport, Reunion, Celebration and Clermont area Vacation Homes
Thu May 1, 2008
Hello, Jerry.

I don’t understand why they would regard it a second home when you’ve never owned a home before. Eventually you would be relocating and the home here in Florida should be bought as a primary home.

You should talk to a person who specializes on helping first time home buyers and that has the resources and the contacts to help you get a reasonable mortgage. There are many programs that you could qualify for, so just ask them about first time home buyer’s purchase assistance and things like that. You could even get 100% financing by using a home purchase assistance program.

I currently know a person at Suntrust that would be able to help you get a loan with this program, so if you need help with that let me know.

Best Regards and Good Luck!

Carlos German
When in doubt, talk to a Realtor who understands your goals.
Am I that person for you? There's only one way to find out…
Contact me today! 407 744 7190 or http://www.rebycarlos.com
Web Reference:  http://rebycarlos.com
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