Second Home in Florida
Characteristics of the Property
For a property to be considered a second home, the future owner must reside in it at least 15 days per year. Occasional rental of the property is permitted.
Financing Products and Percentages Available for a Purchase
Mortgage Loan
For Palm Beach, Broward and Miami-Dade counties
Mortgage up to 80% for a single family home, townhouse and condo.
For all other Florida counties
- Mortgage up to 65%
Financing products and percentages available for re-financing
Mortgage Loan
- Financing up to 70% for Palm Beach, Broward and Miami-Dade counties
- Financing up to 65% for other Florida counties
Home Equity Line of Credit
- Financing up to 70% for properties in Palm Beach, Broward and Miami-Dade counties
- Financing up to 65% for other Florida counties
Mortgage Loan Conditions and Terms of Payment
- Monthly payment principal and interest (daily rate)
- Escrow account for mandatory taxes
- Escrow account for mandatory taxes for home insurance (mandatory for single family homes)
- Amortization calculated on 25 years Early Repayment
- No penalty for partial or total repayment on loans.
- Interest rate
- For current interest rates, please contact us