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