Miami real estate news and information

95% Conventional Home Financing in Florida?

Despite what you see advertised, you cannot get 95% conventional financing in Florida.  By phoning an 800 number you may well be told by some out-of-state lender that you can get 95% financing, and  they may well supply you with a pre-qual letter, but 95% financing won’t fly in Florida… not now.   I suppose that has something to do with the fact that Florida, Nevada, Arizona and California have the highest default rates in the nation. 95% conventional financing does not exist in Florida.

That’s not to say that you can’t get FHA or VA financing,  because you can… and you can buy a house with as  little as 3.5% if you are  are looking at FHA financing.

And investment property can be purchased with  as little as 20% down and a conventional loan.  By putting down 25% on a condo purchase, you will be able to avoid the condo questionnaire. 

If you’re looking to buy or sell real estate in Miami or elsewhere, and would like an experienced local real estate agent to work with, call us!  And if you’d like to chat with a knowledgeable mortgage consultant, we can certainly put you in touch with one.  If you are looking to buy or sell real estate in Florida or elsewhere, call the Restivo Team at EWM Realtors.  305 793-1365 or send us an email at [email protected]

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