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Can I get a commercial loan without 25% down?
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Make sure you’ve lived through at least one - if not two or three - active hurricane seasons and are fully educated on the issues with securing homeowners insurance in Florida before you decide to buy. Both are major issues for homeowners there (I have a lot of family in Florida).
I've lived in Florida for about 5 years now but new to the south side which is more exposed than the other parts of the state. This is a good point. Thanks!
FHA loan is not a better rate. The APR is higher when you factor in PMI
I closed on a house in St Pete earlier this month. Insurance is $400/month, HOA is $500/month (because Florida) and my flood policy is $9000/year and estimated property tax is $10k/yr. You 100% need to find out these costs before looking because it will skyrocket your monthly payments.
I can’t even imagine how much it would be down there.
Subject Expert
Where do you think rates will be in a year? An online mortgage calculator could help you figure that out.
You could probably qualify at $150k to $200k, but personally I wouldn’t feel comfortably unless I was making $250k or more.
Coach
I think the election will have very little to do with interest rates. Internet rates are driven by inflation and that’s already being managed. Although I’m waiting for trump to say something like “I will lower inflation to 2% on my first day in office.”
FHA is typically a higher rate and there’s added closing cost fees. The loans also are capped at a certain amount and it the max amount is dependent on the area.
And income.
300k+
The real question is what do you do? I know a few who moved for jobs & got laid off.
Just sold our single family home in burbs of Miami….. was playing $4000+ property insurance for a 1900sqft home. The house was not in a flood zone and included all possible “defense” mechanisms for hurricane and a new roof.
Subject Expert
$4,000 per… month? Year?