Alkemyst, here in FL second homes are averaging around 20% down for most banks unless you have >780 credit(your nearly a bank in FL above 830 for reference).
Being an investor ourselves, my wife and I knew where and how to look.
3 acre farm, 3 bed/2 bath, small garden house turning into chicken coup and vegetable garden, 80x30 pole barn, concrete floored shop 35x20 (big enough to park my full size tractor w/ front end loader and 5ft. bush hog attached and room to close doors). Middle of horse country and just beautiful. There is some clean up work but not too bad.
$17,900 cash. closed in 45 days. No loan, taxes due or anything. $12.5k per acre average for neighbors. 3 years ago was 19.5/acre raw land cleared.
For those that chose to do mortgages, bit of a tip. Put what you can down and check rates for a 10 or 15 year mortgage. Total paid out in long run is huge. You pay your principal down much faster with less amortized interest, which is the killer.
30yr $200k at 6%-
- Monthly Payment:$1199.10
- Total Interest:$231676.38 (No pre-payment)
- Avg Interest Paid Each Month:$643.55
20yr $200k at 6%-
- Monthly Payment:$1432.86
- Total Interest:$143886.91 (No pre-payment)
- Avg Interest Paid Each Month:$599.53
15yr $200k at 6%-
- Monthly Payment:$1687.71
- Total Interest:$103788.46 (No pre-payment)
- Avg Interest Paid Each Month:$576.60
So even if you can squeeze the extra $200/month you can save over $100k on the loan. Average time in home being 7 years before moving up makes a difference too. On a 30yr you would still owe- Balance: $175544.71. 20yr-Balance: $146832.18. That is a 30k difference in loan value that you get to pocket, even though you paid just shy of 17k in payment/interest difference. Can you find $200 in pizza/movie/starbucks money for that?
Pre-shopping for mortgage rates and terms is one of the best things you can do. Most will let you lock in for 45-60 days before bid acceptance. And I mean check everywhere and then some. Then ask what they have for foreclosures and see what lights up.