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!
All the best and good luck
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......
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.
Prudential Douglas Elliman