Conventional financing can now be gotten for only 5% down, a significant change from the 10% required over the last few years, as mortgage insurers gain confidence in the South Florida market. This will be a welcome alternative to FHA financing since no upfront mortgage premium and monthly payments are required.
Keeping in mind that it’s not actually the price of a property, but the cost of ownership that matters, and you’ll be able to use that savings for other expenses!
James Venney of Gibralter Private Bank and Trust dicusses this in more detail in his article at JuicyEstates.com, which I recommend you read. James has years of experience in the South Florida mortgage business and can be reached at [email protected].
If you are thinking of buying a new home in Coconut Grove, South Miami or Coral Gables you need a realtor who really knows the area. Since most buyers like to see what’s available by themselves online you can start your search by clicking my Property Search tab here, then give me a call at 305.794.6570. Or leave me a message so we can talk about what you’d like to have in your new place and I’ll find it for you. In either case, we can then visit what you’d like to see and get you into that new home!