Florida Vacation Guide

Will I get approved for a mortgage?

I am thinking of buying my first house. Not sure of the requirements of the new mortgage, so just wanted to give a little background of myself and hope someone can give me guidance, I have 24 years – live in New York and from real estate is so expensive here, I was studying in the scoop of a price for property in South Florida as a vacation home I gross 70k per year approx. 40k loan debt student, 1k of credit card debt and 15k saving. My income is about 1k a month. I've been looking online at condominiums in Florida for 50-100k. What think? I know that 10% down payment used to be normal, but I've heard 20% is thrown around a figure (maybe it's only New York). Also if someone have any experience with the South Florida market (has bottomed out yet?) please share! thanks.

If your buying a vacation home, your needs will be different than if you buy a main home. They will be much stricter than lenders holiday homes are a luxury, not a necessity. Not sure of the exact requirements, but I think for a 2nd home (which is what this would be considered) has to put at least 25% of the purchase price. You can not have debt to income ratio of 40% or more, and your credit score must be 720 or higher. I may be wrong about the relationship of DTI, but will nearby. And your credit may be less but we will charge you additional fees or points, or your interest rate will be slightly higher. I'm pretty sure that, if you do not own other real estate that you can not call this your primary home, because they are not really living there. If you were in the general area of where work may be able to move, but since it is located in a totally different state, I am not sure to tell. I suggest calling a loan officer in the area you are looking to buy. Ask your questions, will not charge you anything until you get into the application process. Just let them know you're looking for information and does not want to start the actual process until you know what you're getting into.

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