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Further to vacation property question

Thank you all for your replies. I'm in an interesting situation. My husband has been a building superintendent for the last 6 years (our housing was part of his package) and recently lost his job. We will be moving to an apartment within the next month as we can not afford to buy a home in the NYC area. We have some money saved and would like to invest in a modest vacation property in Florida. Something for 50K or less. The average of my three credit scores is 777 and I have been at my job for nearly four years. My salary is in the high fifties and I have the 20% downpayment. Given all of these circumstances - what are my chances? by llinto_914_373 from New York, New York. Feb 28th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

You should not have a problem, but unless your complete profile is viewed, no one can say for sure.. stop guessing and contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Feb 28th 2013
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Steffnie Parsons (Steffnie)
#14 ranked lender in Oklahoma - 61 contributions

It sounds like you have a very good chance of getting a home loan, but it is always safe to have you credit pulled so you can get a more definate answer. I am not sure what area in Florida you are looking, I have a good Realtor that could help you. You can contact me for any further information. Steffnie@Peoplesbankusa.com 405-445-1091 Have an awesome day.

Feb 28th 2013
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Tyler Whyburn (OklahomaMortgage)
#21 ranked lender in Oklahoma - 24 contributions

Its sounds like you should be able to get a loan, but for how much is impossible to say. You will need to apply for a mortgage so that they can calculate your debt-to-income ratio so that you will know if you can be approved for the amount that you want.

Feb 28th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

Florida is the one market that carries increased down payment requirements compared with the other states.

Feb 28th 2013
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Linda Burek (lburek)
#138 ranked lender in Florida - 25 contributions

Based on the information you provided you should be fine to purchase a 2nd home in Florida. If you would like me to pre-approve you for a mortgage please feel free to call me. My contact information is below. I lend in the entire State.Linda BurekFirst Choice MortgageVice President727-530-9404lindab1stchoice@hotmail.comBest Regards,Linda

Feb 28th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

I think there is a bigger picture here, Im not sure you should be buying any home until your husband is back to work. You may need the money for a safety net. Just my thoughts

Feb 28th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Good Afternoon. I think your best option would be to explore small banks and credit unions in Florida that would be closely located to your desired purchase area. The smaller the loan size, the harder it is to get financing to be honest! Let me know how you make out with this suggestion!

Feb 28th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#78 ranked lender in Florida - 2,240 contributions

Sounds good but all info will be needed to give you an accurate quote!Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Feb 28th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

It really depends on the details of your application but it sounds like you shouldn't have a problem. The only issue I could see will be your debt ratio's. Your housing payment (rent) counts as part of your monthly debt. A bigger issue may be finding a lender willing to handle a $50,000 or smaller loan. You may need to check with a "bank" mortgage company as their loan officers often are paid a minimum commission regardless of the loan amount. FYI, 20% downpaymetn isnt always required for a 2nd home for a well qualified borrower, evaluate the options and decide whether you'd rather have the lower payment or less money out of pocket. Good luck!

Feb 28th 2013
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