Conforming Loan Question


We are looking to buy a coop or condo in Brooklyn. We recently spoke with a mortgage broker who told us that per Fannie Mae guidelines, the maximum loan we could get would be $417K if we put down less than 20% (we plan to put down about 15%, but $417K puts us just shy of what we were hoping to spend). Our understanding was that that limit was higher, something like $625K in high-cost areas like NYC, buy she told us this increased limit was only for FHA loans. Is that correct?

Thanks,
Jessica

Categories: Mortgage
By figandplum | 06/05/2009 9:50 AM | Comment

Renting in Prospect Heights


Can anyone recommend any especially good brokers for renting in Prospect Heights, or (better yet) tips for finding an apartment rented by owners in the area? We had an experience recently with one broker who claimed a 15% fee was standard in Brooklyn (ha!) and who tried to jack up the rent on a coop sublet we’d seen after we said we would take it. It was too bad, because we sincerely liked the place and the location (St. John’s between Washington and Underhill).

Any advice would sure be appreciated!

Jess

Categories: Renters
By figandplum | 10/14/2007 5:12 PM | Comment