I would like to take advantage of a single family home in Naples but I work in Chicago. Is there any way to purchase a home in Naples without 20%?

Asked by Charlie, Munster, IN Sun May 16, 2010

down. I 'm approved for an FHA loan in Illlinois but I would rather own in Florida. This would be my only owned property. Please Advise

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Chris Richter’s answer
Chris Richter, , Chicago, IL
Tue May 18, 2010
Hi Charlie,

Did 10 days of rain and clouds break your Midwestern spirit? :)

Yes. It can be accomplished a few different ways. I'm a national lender and glad to talk to you about either end of your search.

1 vote
Robert Vesci,…, Agent, Naples, FL
Mon May 17, 2010
Would the home be your primary home and your work is on the road, If so there would be many programs that would work including FHA, VA, Home path, USDA, etc. Even if it would be a second home there are programs that would not require 20% down. I am both a Real estate agent & mortgage broker in Florida and I look forward to speaking with you about your purchase and/or financing. Please contact me for further details.

Thank you,

Robert Vesci, PA
REALTOR, Broker-associate
Mari Vesci REALTORs, Inc.


Robert Vesci
FL Mortgage Broker
Nations Funding Source
0 votes
Alma Kee, Agent, Tampa, FL
Sun May 16, 2010
Hi Charlie,

VA Vendee financing is available for 5% down for investors on VA owned foreclosed homes.

Also HomePath financing for Fannie Mae owned foreclosure can be bought with 10% down.

To see what's available you can go to: http://www.HomePath.com and https://va.equator.com
0 votes
John R Fee, Agent, Naples, FL
Sun May 16, 2010
Hi Charlie,
Do you have a particular home in mind, or are you searching for one? You can get a FHA loan with as little as 3% down payment, but the home must be your primary residence (you can't rent it out). Other options include seller financing, selling an asset for cash, or taking a loan from your 401K to get to the 20% down payment normally required if you are not going to live in the home. If you already have approval from FHA for a loan, ask them what they would require to approve the loan for a Florida home. In the worst case you might have to re-apply with a lender in Florida.

You have several options, Charlie. if you're not already working with a Realtor, give me a call and you can start searching for your home online right away. I'd be happy to talk over your financing options anytime.

Good Luck!

John R. Fee
Keller Williams Elite Realty
Direct: 239.776.0539
Web Reference:  http://www.CaptureNaples.com
0 votes
www.BuyNapl…, Agent, Naples, FL
Sun May 16, 2010
Of course, but you need to decide what you want in terms of pool/no pool, schools, amenities, financing, # bedrooms and baths, amount of land, etc. Please visit my website http://www.BuyNaplesToday.com and define what is your ideal property, then call me when you find things you want to explore further. Regards, Carol Hulce, exclusively a Buyer Agent, BuyNaplesToday/Downing Frye 239-269-6003
0 votes
Ken Lowe, Agent, Naples, FL
Sun May 16, 2010
Alot depends on your situation, credit and what you are looking to buy. There are several options to proceed with including partial or full owner financing, loans against investments for down payment, private money etc. I am a Realtor and a Mortgage Broker. I would be happy to review your indivisdual situation with you and my underwriting team to determine what we can qualify you for and show you properties that fit withing your range of affordability.


Ken Lowe - Realtor and Mortgage Broker
Prudential Florida Realty
Web Reference:  http://www.ken-lowe.com
0 votes
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