Perdido Key Florida beach condo .Can anyone tell me the correct downpayment in that market for a second home finance deal .?

Asked by Brightster, Perdido Key, FL Tue Sep 20, 2011

i am buying a condo on the beach in Perdido Key Florida.Can anyone tell me the correct downpayment in that market for a second home finance deal or if different for an investment property to rent out on a weekly basis......... It is not a condotel....

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thelendingte…, Mortgage Broker Or Lender, Clearwater, FL
Tue Sep 20, 2011
It is going to be at least 20% for a second home. However, if the condo association allows weekly rentals, you might have a tough time getting this financed.
If the investor concentration is high in the condo building you would also have issues financing.
If you send me the name of the condo, I will look up to see if it is an approved Fannie Mae condo project. That will help.
2 votes
Steve Vinson, , Florida
Wed Sep 21, 2011
Max loan to value is 85% for 2nd home, and 80% for investor but Andrew has it right....It's all predicated on several factors, one of which is the commerical rental aspect, whether or not this project is approved by any of the GSE's, how many units have sold, and/or owner occupied vs investor. The rates start at 4.875 and go up from there. Credit scores at or above 680. If it's a condotel you're going to have to locate other financing because thew last time I checked, they are ineligible under GSE rules. So it's going to be a portfolio lender.
1 vote
Tina Hayes, Agent, Keys, OK
Wed Feb 27, 2013
I work with a lender who has been getting 20% down on condos depending on your credit score. I would love to be of assistance! I live on Perdido Key and am available!
0 votes
Rich Homer, Agent, NAPLES, FL
Wed Nov 28, 2012
Usually 30% for second home. 20% otherwise. Your best bet is to contact a LOCAL Mortgage Broker at "Find a Pro" in the header of this website.
0 votes
Michael Moran, Agent, Pensacola Beach, FL
Wed Nov 28, 2012
I can provide contact information on 4 or 5 different condo lenders who are writing loans today. The criteria changes frequently so it is best to talk directly with lenders. Give me a call and I can help. Thanks Mike Moran 850-221-8024
0 votes
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