Kara, Home Buyer in Miami, FL

Interested in buying a foreclosure in Brickell, what lending institutions can we use to finance a mortgage?

Asked by Kara, Miami, FL Thu Apr 16, 2009

Help the community by answering this question:

+ web reference
Web reference:

Answers

14
Frank Olguin, , Fort Lauderdale, FL
Wed Jun 3, 2009
Kara,
I realize you posted your question a while back- but just in case you are still looking for financing I can help you. Im a Mortgage Banker for a direct lender, AmericaHomeKey Inc. right here in Fort Lauderdale. If the condo is FHA approved, I can do the loan for only 3.5% down. Call or email me the name of the building and I can tell you right away. thanks Frank Olguin, office 954-771-7715 x104, or cell 561-386-9731. Folguin@americahomekey.com .
0 votes
Marty S, , Irvine, CA
Tue Apr 28, 2009
FHA, conforming, etc are all options. Set down with a reputable loan officer and discuss!

I am a loan officer. If I can be of further service, please let me know!

Marty

MSmith@PrecisionFundingUSA.com
0 votes
Joshua Leret…, Mortgage Broker Or Lender, Lakeland, FL
Tue Apr 28, 2009
My apologies to everyone...that was a typo and will fix right away. Minimum down payment for a condo in Florida, primary residence is 20% down. Not 10% down. Again, my apology for the typed error.
0 votes
Chuck Kedl, , Coral Springs, FL
Tue Apr 28, 2009
Joshua,

What MI company is insuring condos in Florida? In today's environment, where can you get a loan at 90% of value without mortgage insurance? I would really be interested in finding out the answers to these questions.
0 votes
Jacqueline C…, , Orlando, FL
Tue Apr 28, 2009
The lenders I work with will do a limited review with as little at 25% down - for Fannie Mae or Freddie Mac approved projects. That is what I was referring to.

Please tell me which lender is doing a 90% loan to value on condos in Miami? I need to add them to my lender list.

Jacqueline Clarke
Down Payment Assistance Specialist/Loan Officer
Enterprise Mortgage Group
Winter Park, FL
0 votes
Joshua Leret…, Mortgage Broker Or Lender, Lakeland, FL
Thu Apr 23, 2009
Hello Kara,

I wanted to follow up on some of the post. First, if the project is Fannie or Freddie approved, you do not need 25% down. We have lenders offering loans with as little as 10% down on a condo as long as the home is a primary residence. With that said, in order to avoid any possible problems with the condo association, we have lenders that allow limited reviews of the condo association with only 30% down. This will avoid such issues as budget reserves, delinquencies in HOA dues, etc. I hope this information helps.
Joshua A. Lerette
http://www.thetbmortgagepro.com
josh@thetbmortgagepro.com
727-488-7355
0 votes
Arlyz Morales, Home Buyer, Miami, FL
Wed Apr 22, 2009
Condo Association are asking for $190 in order to prepare the condo questionnaire. The buyers don't want to spend that money to see if is possible to buy . I'm talking about buildings like The Vue, Solaris, The Blue, Skyline, The Club, The Emerald, One Miami, ect. Great Prices but no way to finance them.
0 votes
Chuck Kedl, , Coral Springs, FL
Wed Apr 22, 2009
What's the name of the building that you are trying to buy in? Do you have a condo questionnaire completed showing the amount sales, etc.? With that information, there might be some smaller banks that portfolio their product where you can obtain financing from.
0 votes
Arlyz Morales, Home Buyer, Miami, FL
Wed Apr 22, 2009
I have not been able to find a financial institution who will lend money for my clients in these buildings that are not Fannie Mae, Freddie Mac or FHA approved. If somebody has one that will lend money (not hard money) please let me know.

Thanks
0 votes
Jacqueline C…, , Orlando, FL
Sun Apr 19, 2009
The first thing you should do is find out whether the project is Fannie Mae, Freddie Mac or FHA approved. If it's none of the above, then you will have to use a hard money lender or cash. The Condo Association can usually tell you if their approved at the onset.

If it's Fannie Mae or Freedie Mac approved, then that means you may be able to obtain a conventional loan, which requires at least 25% down. If it's FHA approved, then you will only need 3.5% down.

As some of the other writers mentioned, do your due diligence when it comes to the Association. Since there are alot of foreclosures and renters in many condo projects today, your condo fees will increase to compensate for those not paying. This can affect your ability to finance the property.

If I were buying a condo, I would look for a local mortgage broker who specializes with condo financing. I think this is crucial for purchasing a condo in this market.

Good luck,
JACQUELINE CLARKE
Enterprise Mortgage Group
Winter Park, FL
Direct: 407-739-3853
Email: jclarke@enterprisemortgagegroup.com
0 votes
1stfinagroup…, , Cheshire County, NH
Thu Apr 16, 2009
Hello

Saw your posting online. I am a private lender willing to work with you. Flexible repayment terms and a timely closing schedule.We offer at typical rates of 4.7% APR. Get back via email for details. 1st.fingroup.ltd@gmail.com

Regards
0 votes
Nayla Benitez, Agent, Miami, FL
Thu Apr 16, 2009
Hi Kara,

It will all depend on the building. I specialize in Brickell and can tell you that many of the buildings with foreclosure properties are having a hard time getting financing from banks, mainly because of the default ratios in the building and the problems the associations have with reserves. There are still a few lenders out there but you have to shop around, if you have good credit and are givin a good down payment you should be able to get financing but you have to do your homework.

If you like give me a call I will give you a couple of people you can call.

Nayla Benitez
Paz Global Inc.
786 853 2333
0 votes
Joshua Leret…, Mortgage Broker Or Lender, Lakeland, FL
Thu Apr 16, 2009
Hello Kara,

Congratulations on your decision to take advantage of historically low interest rates and rock bottom prices. To answer your question, you may use any lending institution buy I would strongly suggest you use a knowledgeable mortgage broker. Mortgage brokers have access to many lenders/investors that they can place you with that will fit your particular borrowing needs. For instance, some lenders have restrictions on credit scores, some do not. Some will offer extremely low rates, but have underwriting turn times that will make the transaction take up to 45-60 days. Some lenders will not even fund a loan if you are buying a condo. You get my point.
Mortgage brokers also will work harder to find you the right program as this is their sole purpose in business. We don't get paid unless we find a loan that fits your needs. A bank or credit union does. So you can imagine who will work harder for you.
I can not speak for all brokers, but I know I'm available to fit your schedule, not just 9 to 5 like a bank. If you asked a loan officer at a bank if you could come in at 6 or even tried to call at 5:05 P.M., they won't answer. All and all, a knowledgeable, reputable mortgage broker is where you want to go.
If you have any other financing questions or concerns, I would be happy to assist you.

Joshua A. Lerette
Innovative Mortgage Services, Inc.
http://www.thetbmortgagepro.com
josh@thetbmortgagepro.com
727-488-7355
0 votes
Chuck Kedl, , Coral Springs, FL
Thu Apr 16, 2009
Kara, it all depends on what you are buying. If you are purchasing a condo, it is best to learn everything about the association before you begin your purchase process. It is important to know how many units are sold and closed, whether the units are owner occupied or owned by investors, what is the status of the HOA in regards to payments made by the owners, the number of units that are delinquent in their payments as well as how many days they are delinquent, and also whether the HOA has any reserves for repairs and replacements in the operating budget.

These are just some of the questions that you need answered. Then you can see whether an institution will be lending in the project or not.

Good luck in your search.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more