10% down condo loan?

Question

Does anyone know where I can get a 10% or less down payment loan with a fixed rate and 30 year term for a condo purchase in Destin Florida?  Does something like this exist?

Lien Vuong · Answer

You can achieve this with an owner occupied loan using conventional/FHA financing or second home loan.

Kyle Momany · Answer

There are select few now with the new questionnaire for lenders

Matt "Roar" Gardner · Answer

@David Lynch It is always difficult trying to find the classic warrantable condo in our area (Destin and surrounding) -- However, they do exist! Most lenders should be able to offer you the fixed rate 30-yr amortization loan product with a warrantable condo.    If it's not warrantable, it's a matter of knowing lenders that can support you in that area.

As a realtor and investor in the Destin/Panama City Beach area, I do know of lenders around here that can offer 10% down payment options on non-warrantable condos.  They can offer 30 year amortization, but the interest rate will typically be an ARM product. The best arm that I know of is a 10/6 ARM, which for all intents and purposes, I few as a fixed rate, because it's a high likelihood that you'll refi or sell over the next 10 years! lol

Best of luck!

Raymond J. Rodrigues · Answer

@David Lynch what kind of condo are you looking at? One that allows short term rentals? Second home loans allow 10% down for conventional financing but has to meet full review condo requirements.

Patrick Bavaro · Answer

@David Lynch it’s possible. You just need to find the right lender. Sounds like a vacation home/ STR condo? I just closed on a new build 4/3 construction that required only 10% down through a turnkey company here on BP. Total all in cost was $265k and rents are estimated at about $2300/mo and post construction appraisals for this model are around $377k! Can def find them. Feel free to reach out. Good luck!

10% down condo loan?

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