Home Buying in East Harlem>Question Details

Firstimer, Home Buyer in Upper East Side, New...

Hi, I am hoping to be a first time home buyer in (NYC) Manhattan. Is it still possible for someone with a?

Asked by Firstimer, Upper East Side, New York, NY Mon Apr 20, 2009

steady job, great credit and six figure income to get a loan with 10% down?

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Yocari Lara’s answer
In short, yes.

However, the long answer sounds like a disclaimer - "every purchase is assessed on a case-by-case basis" meaning that it really depends on several things that the other agents here have pointed to and you did as well.

1. Your exact credit used at the time of your loan.
2. Your debt to income ratios (28 & 32)
3. The building you select (and if being built what stage is it in)
4. Percentage Sold in building
5. Co-op, condo, condop, or house.
6. Your bank and their current lending criteria.
7. Many other factors...

So you see, FT, it is really tough to give you a broad answer when you are looking for a unique solution.

Call me and I can get you in contact with mortgage professionals that deal with 3.5% FHA all the way up to the, now seldom used, Jumbo loan prodcuts. Also, with a particular professional, if your credit is below a bank's cusp, he'll work with you to upgrade your credit score.

My number is 646.442.7407

Good luck on your search & take advantage of this market if you can!
1 vote Thank Flag Link Mon Apr 20, 2009
It really depends upon the type of property you are purchasing and the building it is in. An FHA will not work on a co-op and NYC condos have to be approved by FHA. ALso, if the building is less than 50% owner occupied or has a non existant reserve fund you may not get funding at all. What I would suggest, is working with a mortgage broker or banker who is knowledgable about the NYC market, and can tell you if the building is on their "approved" list. Also, you may find that boards in many buildings in NYC do not accept 10% down, so the bank would not be the problem, the board would. Start with the Mortgage consultant, and then get connected with a Real Estate Professional that knows the buildings in the city and can help you navigate what has become a minefield. In the end, The answer is, that I have seen it happen, you just have to get the right people to help you. Let me know if you need more help. You can email me at joegreene@weichert.com or call me at 917-974-2600.

All the best and good luck
0 votes Thank Flag Link Mon Apr 20, 2009
The simple answer is yes.

The problem now a days is that the major banks are sooooo busy its hard to even get someone on the line.

The issue is with PMI (private mortgage insurance). If you have superior credit this wont be a problem or if you go FHA this wont be a problem at all. You can always put down 10% with FHA but you will have to pay 1.75% MIP (mortgage insurance premium).

FHA is good for 1-4 family homes, many (if not most) condos in manhattan are not FHA approved, just keep that in mind.

You are a very easy 1-4 family FHA finance by the way.

I or any broker / banker can do a pre-qual or pre-approval for me via telephone / email.

A broker or a mortgage bank (a place that ONLY does mortgages) might save you some headache. I have a deal now where I am not the mortgage broker on the deal and we cant get a loan officer on phone from a major bank, they said they are too busy......

Good luck.
0 votes Thank Flag Link Mon Apr 20, 2009
Hello Firstimer,

I am working with a client right now and she has been approved at bank for a 10% down loan for a new construction property on the upper east side. If my client can get financing , I am confident that others can get it as well. Let me know if I may be of service to to you.

Paul Macapagal
Prudential Douglas Elliman
0 votes Thank Flag Link Mon Apr 20, 2009
Why not try for an FHA loan with 3.5% down?
0 votes Thank Flag Link Mon Apr 20, 2009
I work with mortgaage brokers from Chase and Wells Fargo and they tell me these are happening more, but are rare - so it could happen! I would suggest speaking to Manhattan mortgage broker or banker to see what they say. From what they tell me, the banks are allowing the 10% but it is the insurance companies that are not....
0 votes Thank Flag Link Mon Apr 20, 2009
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