To answer your question about purchasing in Miami....
If you currently live and work in New Jersey on a full time basis yet are interested in purchasing a home in Florida, then the Florida home will be considered a 2nd home/vacation property. The required down deposit will be 10% down if your credit score is 700 and above. If the credit score is in the 640 to 699 range, then the requirement will be 20% down. Also keep in mind that you will incur Closing Costs on top of the 10 or 20% you're putting down.
Please feel free to contact at your convenience in regards to discussing and getting pre-qualified for this Miami purchase. I will be able to make sure your debt to income ratio's, income and credit are acceptable to obtain financing. Will also be able to provide you with a Good Faith Estimate so you'll know what the total funds out of pocket will be to close on the house.
Bankers Mortgage Lending, Inc.