02
Feb
Is it possible to get a loan on a beach house in Florida right now?
Author: admin // Category: fl mortgageWe are looking into getting financing on a vacation rental property: a beach house in Santa Rosa Beach, FL. We have cash to put down, but are banks actually lending right now?
What is your debt ratio?
What are your FICO scores?
You cannot exceed a 28% debt ratio for mortgages.
You cannot exceed a 38% total debt ratio.
February 2nd, 2013 at 11:11 pm
What is your debt ratio?
What are your FICO scores?
You cannot exceed a 28% debt ratio for mortgages.
You cannot exceed a 38% total debt ratio.
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February 3rd, 2013 at 12:01 am
Yes they are, just don’t tell them it will be a rental. Tell them it is a vacation home, which it will be when you actually stay there.
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February 3rd, 2013 at 12:35 am
Depending on your credit and history plenty of banks are loaning right now, however, getting a mortgage won’t be the hard part, getting insurance on a beach front home will be.
Expect to pay over $5K a year for home owners insurance especially since it’s a hurricane/flood risk. After all the hurricanes hit in 2003-2005 most insurance companies pulled out of Florida.
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Former FL home owner.
February 3rd, 2013 at 12:50 am
You will be able to find someone to lend to you, but be prepared for an outrageous percentage rate. I know in our area they are tacking on 1 1/2 percent and requiring 30% down. If you can get one, now is a great time the Florida Vacation Market is still hot. We have been booked all year!
And if you are looking for marketing assistance once you buy it check out http://www.floridagulfvacation.com, we have been connecting Florida Travelers and Vacation Rental Owners since 2004!
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