These are the questions I get asked the most from buyers in Cape Coral, Fort Myers, and Naples. Straight answers, no fluff.
Should I wait for rates to drop before buying?
This is the most common question I get. Trying to time the market is risky. Right now inventory is healthier, which means you have negotiating power. Sellers are often willing to cover closing costs or buy down your rate.
If you wait for a sharp rate drop, buyer competition will likely jump, driving prices up and erasing your savings. You can always refinance later if rates dip. You can't lock in today's home price tomorrow.
Why is it harder to get a condo loan in Florida right now?
Florida's condo safety laws around structural reserves are in full effect. Lenders now require condo associations to prove they have funded reserves for major repairs. If a building's finances or paperwork aren't in order, financing gets tough.
The fix is checking the building's approval status early. I can help you and your agent figure out whether a specific condo is financeable before you fall in love with it.
What credit score do I really need?
Lower than you think. FHA can go to 580, conventional around 620, and VA is flexible. And there's now a second scoring model, VantageScore, that lenders accept alongside FICO. Let me pull it and tell you where you actually stand.
How much do I need for a down payment?
Conventional as low as 3%, FHA 3.5%, and VA and USDA can be zero down for those who qualify. You do not need 20%.
How long does it take to close?
Most purchase loans close in about 30 days once you're under contract. Condos and new construction can take longer because of extra review. Getting your documents in early is the single biggest thing you control.
Why use a broker instead of my bank?
A bank has one rate sheet. I shop 100+ wholesale lenders and pick the best fit for your situation, usually at a lower cost and with no lender fees. Same loan, better price, one person who handles the whole thing.
Two SWFL-specific things trip buyers up more than anything: condo financeability and insurance costs. Both are very checkable up front. Don't write an offer on a condo or a coastal property without knowing where you stand on financing and insurance. I'll pin both down for you before you commit.