Bill Crosby - Realtor

2820 US 1 South, St. Augustine FL 32086


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For More Info Call me (904-540-2249) or Contact Me at

Helpful Mortgage Information

Mortgages can be a challenge in Florida, especially if you are buying a condo. The type of loan you may want will be very limited. In general, you may obtain a conventional 15 or 30 year fixed mortgage as a second home with 20% down on a single family home ore 25% down for most condos. There are some condos that may be eligible for FHA but that changes so you will need to consult a loan officer that handles FHA to see if the condo you are looking at qualifies.

Banks are not the only source of loans. Credit Unions, Mortgage Brokers, Lending Institutions and more make home loans.

Not all offer the same products but most do Conventional, FHA, VA, and products with construction (remodeling) built in. 

Conventional 15 & 30 year mortgages usually are set at a 20% down payment, but there are products like an 80-10-10 that eliminates PMI (private mortgage insurance) for loans with only 10% down.

Before starting your search for a new condo or home, find a lender that you feel comfortable. You are NOT bound to that company and there should be NO application fees. 

My advice:

  • Ask your REALTOR for recommendations for a loan officer
  • Deal with a lender in the St. Augustine Area
  • Apply for a mortgage prior to Making an offer 
  • When making an offer, accompany it with a bank commitment letter
  • In general, avoid the very large banks