usually no-doc wants 5 percent down you would probably have to do a stated loan which is no problem with your score.Certain parts of florida are overinflated and others are just starting to appreciate rapidly.Talk to an agent that knows your market,don't buy on emotion or fear that everybody is getting rich while you lose your opportunity,instead look at the facts,age of house,appreciation rates for the sub.or area,land use plan on economic development for schools,houses,businesses etc.Is this going to be a place to live that is in high demand in the next couple of years?Renting is just throwing money away,saving up 36,000 in three years really doesn't mean anything because how much will it cost to buy a home in 3 years?.With appreciation you still might not be able to afford it then.Figure out if you can get family or set up a renter there,can you make the payment of about 1,550 a month?It is all about calculated risk people fear what they do not understand.people take risk everyday some succeed and others fail but it's all part of life.What looks risky to one person might be a sound decision for the other person who has crunched the numbers,calculated the risks and made the decision they are most comfortable with.It's your call.


not giving legal advice

It sounds like you are only looking online for help (Quicken Loans). Go see an experienced, highly reputable, local Loan officer of a Mortgage Brokerage and get thier advice. Give them your entire financial picture, see what you pre-qualify for and what loan programs & rates he/she can offer. Then go get two more opinions. Ask them all to show you how much they charge and explain all the fees. Educate yourself as much as possible before deciding anything and be sure to consult with another professional (Financial or Tax Advisor) about how to manage your home and debt acquisition. Get everything in writing, get references if you can.

I am 29, building my second home without family money or help, and it will be my third home purchase. If I had listened to the naysayers I would still be renting and have zero equity. But I did get badly taken advantage of my first time around and I can't stress enough - get rate and program quotes, and find out the fees charged! Also, with your score... if anyone offers you a loan with a pre-payment penalty, do not work with them.

Good Luck!