How much can I borrow on a 1.2 6family before it's a jumbo loan?

Hi all, ANyone know how much can I borrow on a $1,200,000  6family in Brooklyn, NY before the loan is considered a jumbo loan? thanks Ken

kmn911

in Electricians 12 years and 7 months ago

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Bklnite | 12 years and 7 months ago

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A typical commercial loan for a multifamily is a 30 year amortization, fixed for 5 years and renewable for 5 years. Rates are probably sub 4%, but you would have to refi or sell in 5 to 10 years. For 15 years the monthly payment will be higher. And if it’s max 65% LTV, that’s appraised value, and it a property will often be appraised for less than selling price so LTC will be lower.

owner12 | 12 years and 7 months ago

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I believe Maspeth was offering 15, 20 and 30 year terms.

owner12 | 12 years and 7 months ago

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Maspeth Federal Savings is offering 4.0% for a 15 year fixed.  I have had 2 commercial mortgages with them and they are very easy to deal with.

biluish | 12 years and 7 months ago

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commercial loan is another gig entirely      depends on rent roll etc.

adam_dahill | 12 years and 7 months ago

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6 Family is a commerical property so Jumbo loan limits don’t apply. Jumbo is a term used by lenders for large loans that Fannie/Freddie/FHA will not purchase. Only 1-4 unit properties will deal with Jumbo.