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DBtheAE
63 Posts |
 Posted - 11/06/2009 : 11:02:53 PM
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| I've been out of the industry for a year or so. My parents are trying to purchase a single family home in Florida but would prefer to put down 5%. Mid Fico is 760 and ratios are good. Loan amount is around 400k so they cannot go FHA (Pinellas County). I've been told that getting MI will be an issue because just about all Florida is considered a declining market and would be limited to 90% LTV. Any suggestions on how to get this done at 95% would be greatly appreciated. Not opposed to a 1st and 2nd if it's out there. Just looking for 95%. Is this doable? |
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the_mortgage_guy
2628 Posts |
Posted - 11/07/2009 : 03:01:04 AM
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| I sit possible property is located in a USDA eligible tract? If you can email me address Iw ill check. USDA would allow for 100% financing. |
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davidfr
2244 Posts |
Posted - 11/07/2009 : 03:58:56 AM
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quote:
Originally posted by the_mortgage_guy
I sit possible property is located in a USDA eligible tract? If you can email me address Iw ill check. USDA would allow for 100% financing.
USDA has income limits so it will never be possible to buy a $400,000 loan and use that program. In any event Pinellas County is not a USDA area.
Now to the original question, this will not be possible. They are going to have to come up with that other 5% or buy a smaller house. Unfortunately you are correct that PMI is not avaialable for this tranasction, and that is well above the FHA loan limit. Getting a second will not be possible either. Sorry. |
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TheBigGuy
536 Posts |
Posted - 11/07/2009 : 04:11:44 AM
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-5% down in florida---Nope
-second mortgage in florida---Nope
-USDA in Pinellas---Nope
they will need 10% down |
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the_mortgage_guy
2628 Posts |
Posted - 11/07/2009 : 07:33:16 AM
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quote:
Originally posted by davidfr
quote:
Originally posted by the_mortgage_guy
I sit possible property is located in a USDA eligible tract? If you can email me address Iw ill check. USDA would allow for 100% financing.
USDA has income limits so it will never be possible to buy a $400,000 loan and use that program. In any event Pinellas County is not a USDA area.
Now to the original question, this will not be possible. They are going to have to come up with that other 5% or buy a smaller house. Unfortunately you are correct that PMI is not avaialable for this tranasction, and that is well above the FHA loan limit. Getting a second will not be possible either. Sorry.
Well, since obviously 2nd and Fha options were off able...felt logcial to see if property was in usda tract. Now as you know incoem in some areas is allowed up to over 100k a year so it could be and is possible for some to qualify especially considering # of members residing in residence on a 400k loan. |
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DBtheAE
63 Posts |
Posted - 11/07/2009 : 07:51:00 AM
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| Thanks for the quick responses. I guess they will just have to bite the bullet and come up with the 10%. |
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davidfr
2244 Posts |
Posted - 11/07/2009 : 08:35:39 AM
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quote:
Originally posted by the_mortgage_guy
quote:
Originally posted by davidfr
quote:
Originally posted by the_mortgage_guy
I sit possible property is located in a USDA eligible tract? If you can email me address Iw ill check. USDA would allow for 100% financing.
USDA has income limits so it will never be possible to buy a $400,000 loan and use that program. In any event Pinellas County is not a USDA area.
Now to the original question, this will not be possible. They are going to have to come up with that other 5% or buy a smaller house. Unfortunately you are correct that PMI is not avaialable for this tranasction, and that is well above the FHA loan limit. Getting a second will not be possible either. Sorry.
Well, since obviously 2nd and Fha options were off able...felt logcial to see if property was in usda tract. Now as you know incoem in some areas is allowed up to over 100k a year so it could be and is possible for some to qualify especially considering # of members residing in residence on a 400k loan.
Mortgage_guy, he said exactly where the property was located, so I was giving him answers based on facts not speculation. Plus in most areas of Florida the income limit on USDA for 1-4 family members is capped at around $73,000. |
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The Truth
178 Posts |
Posted - 11/07/2009 : 2:24:55 PM
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Correct!
quote:
Originally posted by TheBigGuy
-5% down in florida---Nope
-second mortgage in florida---Nope
-USDA in Pinellas---Nope
they will need 10% down
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cmusso
127 Posts |
Posted - 11/10/2009 : 06:40:06 AM
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| We can do 95% in FL. Contact me for more info. |
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Bluewaterfl
201 Posts |
Posted - 11/10/2009 : 06:55:25 AM
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Chris,
Has TMS actually funded a 95% conventional in the Tampa Bay area recently??? |
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