Financing in Huntington>Question Details

Northshore331, Home Buyer in Huntington, NY

Jumbo mortgage options with less than 20% down in NY?

Asked by Northshore331, Huntington, NY Tue Jan 10, 2012

Any lenders out there originating jumbos (about $950k mortgage) with less than 20% down? Fixed or Arm is ok, we have good credit, good income and would prefer to o around 10% but 15% would be ok too. Thx!

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Answers

3
Unfortunately the answer to that is no! You'll pretty much have to gather more money for down payment or consider purchasing a home at a lower price. With 10 or 15% down payment you'll have the option to get FHA financing if the loan amount is within $729,750.

Good Luck!
Javier Meneses
Sterling National Bank
516-606-9648
0 votes Thank Flag Link Sun Jan 22, 2012
I am assuming the $950K is for a SFH. If so there are no lenders that ask for less then 20% in NY. If you have investments they can securitized for a mortgage (you do not sell any of your investments and keep income). Otherwise save more or borrow from your 401K.
0 votes Thank Flag Link Tue Jan 10, 2012
Any chance one of you might be a physician? Wells Fargo is offering a sweet package, even for medical residents who are still "residenting". Let me know if I can provide some really sound contacts in our local lending community. Good luck!
0 votes Thank Flag Link Tue Jan 10, 2012
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