Financing in 11219>Question Details

Tony, Home Buyer in 11219

Are there any jumbo loans available with 10% down?

Asked by Tony, 11219 Thu Aug 9, 2012

Looking to purchase a 2 family house in Brooklyn. Asking price is 1.2mm

1 vote Share Flag Financing in 11219

Help the community by answering this question:


There are options. Depending on the price of the house you're looking to buy.

Reach out to me for info.

Javier Meneses
Senior Loan Officer
Sterling National Bank
(516) 606-9648
1 vote Thank Flag Link Thu Aug 9, 2012
To put 10% down the maximum sales price you can do is 1.038mm. Perhaps you can ask the seller to give you closing costs so that you have enough of a down payment to bring the mortgage to $934,600. That is the max mortgage amount in Brooklyn before it becomes a jumbo requiring more of a down payment then 10%.
0 votes Thank Flag Link Thu Aug 9, 2012
I would check with the either the larger banks or a local recommended mortgage broker.

The PMI companies are not insuring these loans but there may be a company that can do a 1st and 2nd.

Also, the seller can (if they are willing) take back a 2nd for the 10%.

Good luck,

Web Reference:
0 votes Thank Flag Link Thu Aug 9, 2012
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