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Financing in Florida : Real Estate Advice

  • All2K
  • Local Info207
  • Home Buying1K
  • Home Selling173
  • Market Conditions62

Activity 1,849
Fri Feb 17, 2017
Jabdiana asked:
since my mortgage was already adjusted can it be adjusted again once my homestead is approved or do I have to wait another year?
0 votes 0 Answers Share Flag
Thu Feb 16, 2017
Thomas Martin answered:
We work with over a hundered different banks that allow borrowers to purchase a home regardless of credit score.
Web Reference: ... more
0 votes 33 answers Share Flag
Wed Feb 15, 2017
Op2mztk asked:
House is free and clear, with.a value of $220k. The tax lien is $120K. I am on social security and my credit is otherwise good.
0 votes 0 Answers Share Flag
Mon Feb 13, 2017
615diver asked:
The purchase price is $166k. I am on SSDI disability, but can make the payments on a small mortgage with a mortgage type (15-30 year) amortization. My credit is private disability…
0 votes 0 Answers Share Flag
Fri Feb 10, 2017
Ilysse Floden asked:
Tue Feb 7, 2017
jumboloancenter answered:
There are a few 5% down options up to $999,000 loan amounts in Orange County with 700 credit. See the web reference link below for more details.
Thank you-
Jumbo Loan Center
0 votes 9 answers Share Flag
Mon Feb 6, 2017
Mark LeMenager answered:
A mortgage lender is not going to finance furniture, so yes technically it is a problem, but doesn't seem like a very big one. Discuss with your lender.
1 vote 1 answer Share Flag
Mon Feb 6, 2017
Tony Grech answered:
If you are looking to do an FHA loan, then yes you will likely need to wait 6 months. They're not gonna take that much higher of a value without it seeming extra risky. Conventional, however, shouldn't pose that much of a problem depending on what your objectives are.

What is your goal in refinancing? Are you looking to cash out some of that equity or just refinance the current balance into a better rate? Also, is the current loan a recorded lien against the property or is it unsecured?

If you are trying to take cash out, then you need to wait. These limits are put in place to discourage fraudulent lending based on inflated property values. If the loan is not secured against the property, you need to wait. It's because the loan will be considered cash out anyway.

If you are just looking to refinance the balance on a recorded, secured, mortgage, then you should be able to refinance and use the newly appraised value without waiting 6 months. Now, that doesn't mean a bank will necessarily approve the loan. You may have to justify why/how the home is worth that much more in such a short time after buying it - document improvements made via receipts, work orders, etc.

Could be that the bank may have a 're-capture fee' meaning that if you pay off the loan within 6 months then they are required to pay back any commission they earned on the original loan. That would certainly be motivation to tell you that you MUST wait
... more
1 vote 1 answer Share Flag
Wed Jan 25, 2017
Thomas Martin answered:

We go down to 580 FHA and VA. Call me anytime.
0 votes 18 answers Share Flag
Sun Jan 22, 2017
Thomas Martin answered:

• 100 % VA Condo Mortgage Loans Down to a 550 fico!

• 96.5% LTV on FHA Approved Owner Occupied Condos= 3.5% Downpayment!

• 95% LTV on Owner Occupied Condos= 5% Downpayment!

• 90% LTV on Second Home Condos= 10% Downpayment!

• 80% LTV on Second Home Condos= 20% Downpayment

• 80% LTV on Investment Condos= 20% Downpayment.

• 75-80% LTV on Florida Non Warrantable Condos + Condotels.

FHA Condo Loans Down to 580 Fico with 3.5% Down.
VA Florida Condo loans Down to 550!
Florida Fannie Mae Approved Condo list for 2016.
... more
0 votes 34 answers Share Flag
Thu Jan 19, 2017
Brettdip asked:
Thu Jan 19, 2017
Brettdip asked:
Wed Jan 18, 2017
John Burke answered:
Hi Sharonw4211,

It depends on a couple of things.

Are going to live in the home as your primary residence? If not will it be a vacation home or a rental property?
If it's your primary residence then your down payment can range anywhere fro Zero to 5% but if it's a vacation home or a rental property the down payment requirements will range from 10 to 20% down.

It also depends on the type of home.
For example:
If it's a Coop or non-warrantable condo, the down payment requirements will be 20% or more even if it's your primary residence.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
Apply Online:
NMLS# 787231
... more
0 votes 3 answers Share Flag
Sun Jan 15, 2017
Rock7255 asked:
Thu Jan 5, 2017
Realtor.investor answered:
Thu Jan 5, 2017
Thomas Martin answered:

We can do 25% Down
0 votes 21 answers Share Flag
Tue Jan 3, 2017
Mark LeMenager answered:
Unconditionally approved is called a loan commitment. Given that you are five months away, you won't get that for about 4 and a half months. And yes, they will check that you have the funds for the down payment and likely where those funds came from ... more
0 votes 1 answer Share Flag
Fri Dec 23, 2016
Mark LeMenager answered:
Basically the same as your other questions. Should be doable. See my other answer.
0 votes 1 answer Share Flag
Wed Dec 21, 2016
Alan May answered:
It's just another tax that some communities have instituted when you sell (or transfer) your property. The fee varies, but is usually a fairly small percentage of the sale price.
0 votes 1 answer Share Flag
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