The Motley Fool Discussion Boards

Previous Page

Personal Finances / Buying or Selling a Home


Subject:  Re: Buying Retirement PLace in Fl Date:  10/24/2013  9:35 PM
Author:  CCinOC Number:  126469 of 128887

We really want to retire to Fl in about 20 years. Any advice for a buying a condo now in South Florida, mortgage programs etc.? I know it's very tough to obtain a mortgage nowadays needing at least 15% down and good credit. We have about a 730 credit score but our debt is a little high. We are paying it down.

Find a broker who can obtain for you a "Pay Advantage" loan through United Wholesale Mortgage. You can buy with just 3% down until December 31; in 2014 this increases to 5% down.

Maximum loan amount = 417000
Maximum LTV [loan to value] = 97%
Maximum DTI [debt to income] = 43%
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us