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March 16, 2009
Tips on obtaining jumbo mortgage
We are about to enter contract on a 2 family in Brooklyn. We have excellent credit and enough cash for 25% down if necessary. The amount we need to finance is about $900k (after downpayment), so we will be over the FNMA conforming limits. Does anyone have any tips on banks that are providing 75% or even 80% up to $1MM?
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I don't know anybody willing to buy into this market who isn't paying all cash for strictly investment properties. Folk I know with jumbo mortgages and golden credit/income are having trouble just refinancing. In most cases they're paying down their mortgages to the conforming amount in order to qualify and take advantage of currently low interest rates
Posted by: IronBalls at March 16, 2009 3:10 AM
I just refinanced my 2-fam no problem whatsoever. Wells.
Conforming amount for 2-fams is $800k here in NYC. Then can do a heloc for the remainder. Heloc is prime plus next-to-nothing. A bit of risk there but prime's gonna have to rise 3-4% before I'm above my break even. But not sure how that works with a new purchase. May still be possible. Good luck!
Posted by: Johnny at March 16, 2009 9:18 AM
We'll certainly finance 80% up to 1M on a 2 family. At pretty competitive rates as well.
sunny_hong@countrywide.com
Posted by: shong1 at March 18, 2009 2:59 AM
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