if i want to buy a house in Miami and i work in New Jersey how much percent will i be qualify to put down

Asked by Landesegal, Miami, FL Sat Feb 2, 2013

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Jose Guzman, Agent, Aventura, FL
Sun Feb 3, 2013
Depending on your credit score the down payment can be between 10% or 20%. Contact a mortgage expert to be pre-qualified.

Jose Guzman
3 votes
Sherry Green…, , Boynton Beach, FL
Sat Feb 2, 2013
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.

Sherry Greenwald
Bankers Mortgage Lending, Inc.
(561) 271-1611
1 vote
Miekeba Jones, Agent, Silver Spring, MD
Sun Feb 3, 2013
Hi Landesegal, credit does play an important role. With good credit the FHA home loan requires 3.5% down. A conventional loan would be around 20% down. If you are unable to qualify for either than a last resort may be a hard money lender for 35% down. If you want to put down 50%, it is totally up to you.
0 votes
Steven Epste…, Agent, Coral Gables, FL
Sun Feb 3, 2013
Could be as little as 20% or as much as 50% depending on hyour credit, intended and OBVIOUS usage of the property for underwriting guidlines and reviewers. Best contact a good lending source, mortgage bankers are more able to help and I can tell you that Chase does NOT touch investor or 2nd home loans unless they've changed their lending modules since last Friday 02/01/2013 ...
David.Rosa@prospectmtg.com is a great Loan Officer and source of very valid & valuable lending information.
If you need anything further please feel free to call me during normal business hours at the contact info in our website link below. And please also send your email address and phone number, I'll be excited to help you with all your real estate needs and honored for the business opportunities.
0 votes
Yanoska Diaz, Agent, Miami, FL
Sun Feb 3, 2013
Please contact my Chase Mortgage Banker Partner:

Nestor Girardello
Mortgage Banker
NMLS ID 601519
8534 SW 8 ST Miami, FL 33144
Office: 305-266-1353
Fax: 866-732-3114
0 votes
Nereida Figu…, Agent, Miami, FL
Sun Feb 3, 2013
If you are resident of New Jersey and them want to buy a property in Florida in this case Miami, them you buy is consider like a second home or investment. An investment if you are going to rent property and second home if you are going to live the property one time, twice a year or more.
Right now many banks are asking 20% downpayment. If you need help finding your Miami property them we can start looking for financing before any thing.
0 votes
Pablo Torres, Agent, Key Biscayne, FL
Sat Feb 2, 2013
Hello there,

This all depends if you are a first time homebuyer or seeking the conventional route.

I be glad to refer you to a mortgage expert.

Best regards,

Pablo Torres
AF Realty, LLC
0 votes
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