I am looking to buy a resort styled condo or house in a gated community in Naples with minimum yearly association fees ( i don't play golf ).

Asked by Sonja, New Jersey Thu Aug 30, 2012

I had to foreclose my $600K house in CA in 2009. I now live in Atlanta. Can I get a mortgage again? I am willing to put 20-30% as down payment.

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Mary Horesco’s answer
Mary Horesco, Agent, Naples, FL
Mon Sep 3, 2012
Hi Sonja,
Here is my response from a highly rated mortgage broker who surpasses major lenders in turn around time. I have had several sales delayed due to the conditions that lenders place on loan commitments when the buyers went to "well known banks" who almost put sellers and buyers in a tail spin.
Will gets things done, appraisals are ordered IMMEDIATELY and do not take 2-3 weeks to complete,
please read below:

Yours is an excellent question that is popping up more and more these days and there are different answers depending upon several factors.

If you are buying a new PRIMARY RESIDENCE and you have had no lates since the short-sale, then:

- Fannie Mae will allow financing (as long as you qualify under normal terms) with 20% down 2 years after the conclusion of the pre-closure (Short Sale). With only 10% down, the wait time is 4 years unless there are extenuating circumstances such as death of primary wage earner, serious illness of wage earner or similar dire circumstances. Bankruptcy, loss of job or downturn of the real estate sector is not considered extenuating per Fannie guidelines.  Freddie Mac is similar or worse.

- FHA will allow normal financing 3 years after the short-sale. They will allow immediate financing after the short-sale (not in the same community) if you were never late during the short-sale period. This practically never happens since most lenders do not allow the short-sale unless the borrower is late on their payments!

- VA is two years.

If you are buying a new VACATION/INVESTMENT home and you have had no lates since the short-sale, Fannie and Freddie allow financing after 7 years. FHA/VA do not allow financing of these properties per their guidelines.

Lastly, although these are the guidelines of the government entities, many investors now have overlays on these guidelines so it is always wise to work with a lender who is very educated and up to date.

Will Dukes

William Dukes
Sr. Loan Officer
Summit Mortgage Corporation
239.272.2241 (direct)
941.981.1530 (FAX)
0 votes
Debra McAlis…, Agent, Naples, FL
Sun Sep 2, 2012
It would be in your best interest to obtain a Pre-Qualification letter from a bank prior to starting your search I currently have my clients obtain their Pre-qualifications from the person below and have not been disappointed with his guidance.
Peter J Moran II
VP/Sales Manager
The American Eagle Mortgage Company, LLC

Apply online at: http://www.aemc.cc/petermoran

Direct: 239-244-2893
Fax: 866-686-5382
Cell: 239-877-7130
Office: 440-220-5250
Email: pmoran@aemc.cc
Web Reference:  http://DebraSellsFlorida.com
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Fri Aug 31, 2012

With 5% down on a $438,000 property would a rate in the upper 2% range with NO PMI with closing costs paid for you work on this purchase?

What sales price are you looking to be at in Naples?

See programs here: http://www.pro-option.com

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Kathy Bogan…, , Naples, FL
Fri Aug 31, 2012
You need to check with a lender in the area you are located in or the property is located in; can only give advice related to the market I work in....KathyBC 800-448-3411 ext 601 (8/31)
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Marc Comisar, Agent, Bonita Springs, FL
Thu Aug 30, 2012
Lets first check with a lender.......Things are changing all the time.
Let me know if you need a referral.

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Rich Homer, Agent, NAPLES, FL
Thu Aug 30, 2012
First step is to you pre-approved with our Mortgage Broker. Call us direct Sonja toll-free at 855.627.5376.
0 votes
Thu Aug 30, 2012
Please contact mortgage broker below as he has done others in past. You first will need pre approval from him before we can look at any property.
Peter Moran
The American Eagle Mortgage Company
If he cannot help have one other source but try pete first.
Let me know how it goes.
All the best,
Leann Anderson
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Ken Lowe, Agent, Naples, FL
Thu Aug 30, 2012
There is a good chance you can get financed but it is dependent upon individual situation. I live in Lely Resort because it has all the ammenities of the Golf Course communities with public and private golf options. Since I am not an avid golfer I do not have any golf priveleges and my dues are low for the type of community. I would be happy to find you a similar situation. There are several as well as Gated communities with limited ammenities and lower dues yet.
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Aug 30, 2012
Contact me asap after you review programs for your situation at http://www.pro-option.com

Please call between 6 and 7 pm
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Gulf Shore T…, Agent, Bonita Springs, FL
Thu Aug 30, 2012
Dear Sonja,

Please all AL @ 239.370.1158 he is a Mortgage Broker in Naples ....for Listings in Naples, please go to http://SeekSWFlorida.com/naples ...ones we get the pre-approval going, then I can send you info on specific communities.

For foreclosure info, please go to:


Best Regards,

Dimitri Schwarz, Realtor with A Delta Realty
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Scott Riddle, Agent, Naples, FL
Thu Aug 30, 2012
That would be a mortgage question and it all depends on what type of mortgage you are going for. Please call Heather Call, 239-287-9075 and she can answer all questions and get you pre-qualified.


Scott Riddle
Premiere Plus
0 votes
Heather Wigh…, Agent, Bonita Springs, FL
Thu Aug 30, 2012
I would definitely recommend talking with a local lender first to make sure you are pre-qualified to move, then we are happy to help you with your search. Please feel free to contact me directly at Heather@TreasureMyHome.com for some references. Looking forward to hearing from you!
0 votes
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