Home Buying in Washington>Question Details

Erika, Home Buyer in Woodbridge, VA

I am a physician working in VA but I spend half the month in New York. I would like to purchase a home in NYC but I have had trouble finding 90%

Asked by Erika, Woodbridge, VA Mon Jul 12, 2010

financing for a condo in the 600k range. The best I have found is 80%. Any suggestions?

Help the community by answering this question:

Answers

2
I think you will find that lenders have started to pull back from or not offer in any form 90% Loan To Value (LTV) product any longer. You may benefit in making a purchase with someone since you only spend half your time in NY. The shared costs could make the 20% down much easier to reach. Otherwise you may need to consider private lenders, but the cost of those loans are higher than conventional banks.

Arthur Hardy
W.C. & A.N. Miller
A Long & Foster Company
Spring Valley office
4910 Mass. Ave NW, Suite 119
Washington DC 20016
202 362-1300 Office
202 895-2860 Direct
202 362-3164 Fax
0 votes Thank Flag Link Mon Jul 12, 2010
Erika,

Because you work primarily in VA buying a condo in NY would be considered a second home and therefore you will be limited to a max. 80% LTV.
Web Reference: http://www.noelshepherd.com
0 votes Thank Flag Link Mon Jul 12, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer