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%…
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?
We’ll certainly finance 80% up to 1M on a 2 family. At pretty competitive rates as well.
sunny_hong@countrywide.com
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!
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