Category Archives: About EWM

Up Or Down In 2009?

The Florida real estate market is not what it used to be in the good old boom days. But there are several reasons to be optimistic about 2009! Declining prices in most markets continue to make Florida homes more affordable

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Brickell Key Real Estate: 2008 In Review

Here are the official 2008 Brickell Key Real Estate numbers. It usually takes a couple of days for all transactions that close at the end of December to be entered into the system and be available for review. In 2008,

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Down Payment Requirements For South Florida

Authored by Guest Contributor James Venney.

Imagine, it’s just days before your closing and you get a call from your lender who you thought was taking care of your mortgage….”we are sorry to inform you that you will need to make an additional 10% down payment in order to complete your purchase”.  Unfortunately hundreds of potential buyers are getting this call every week in South Florida because they have chosen a lender that is not up to speed on loan to value restrictions in our area.

If you are buying in Pinecrest, Coral Gables, Weston or anywhere in the Tri-County area the down payment requirmenets for South Florida sometimes differ from other parts of the country.  Of course there are certain exceptions to every rule but know what those exceptions are and when they are applicable is not something that every lender has taken the time to explore.

Below is a break down loan type,  occupancy type and property type.

Conventional Non-conforming Financing – “Jumbo Loans”

Single family homes ~Primary residence – require a 20% down payment to a loan amount of $1 million, a 25% down payment to a loan amount of $1.5 million and 30% payment beyond $1.5 million.  Financing up to 100% of the purchase price is available with deposit relationships and/or pledge assets. 

Second homes ~ require a 25% down payment to a loan amount of $1million, 30% to a loan amount of $1.5 million or more.  Financing up to 100% of the purchase price is available with deposit relationships and/or pledge assets.

Condominiums ~ Primary residence – require a 20% down payment to a loan amount of $1 million, a 25% down payment to a loan amount of $1.5 million and 30% payment beyond $1.5 million.  Financing up to 100% of the purchase price is available with deposit relationships and/or pledge assets.

Second homes ~ require a 25% down payment to a loan amount of $1million, 30% to a loan amount of $1.5 million or more.  Financing up to 100% of the purchase price is available with deposit relationships and/or pledge assets.

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The Facts About Refinancing

Wells Fargo announed last week that interest rates are at their lowest since 1971.  This is an historic moment in the history of mortgage rates.  They dropped last week to 5.19% fom 5.47%. Want to refinance?  Check this out: If

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Ouch! A Second Wave Of Mortgage Defaults?

Miami became the protagonist in a 60 Minutes story about the mortgage meltdown last week. Even though I disagree with some of the reporting, I think the story provides some really interesting information about adjustable rate mortgage resets and what

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