What is the current mortgage climate in the area for vacation homes? I had a mortgage agent tell me here in Kentucky that in Florida, in order to get a conventional mortgage, you would have to put down at least 30% to get a conventional mortgage, and that for smaller full condos (with full kitchen, separate bedroom) under 800 square feet you can't even get a conventional mortgage. There is a certain price point where we can certainly afford a mortgage, condo fee, utilities, cable, insurance, etc without having to rent it out at all to cover costs, but would like to rent it on our own to help offest (any fees back is better than no fees back IMO), but it would we could afford it if we didn't rent at all. Was just wondering whether the mortgage agent here was right or not. There are lots of smaller full condos out there under 800 square feet.
