Home Buying in New York>Question Details

tnguyen18, Home Buyer in New York, NY

Jumbo mortgage down payment requirement absolutely 20%?

Asked by tnguyen18, New York, NY Wed Aug 29, 2012

Our current combined income is $260K, with minimum credit scores of 785 between the 2 of us. Is there anyway possible to lower the 20% down payment requirement for a jumbo loan in NY?

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Answers

4
In the last two years, the biggest change in jumbo lending has involved down payments. It's difficult to find any bank that will approve a jumbo loan with less than 20 percent down payment or equity.
If the property is appreciate with a value higher than the selling price, so you will have equity in the property you don,t need to pay 20% down payment.

Good luck!
Veronika Baba Kian Realty NYC
Vbaba@kianrealtynyc.com
0 votes Thank Flag Link Wed Aug 29, 2012
I do have access to a lender that would allow you to place only 10% down. Have you received a pre- approval?
0 votes Thank Flag Link Wed Aug 29, 2012
If it's under $2,000,000, it may be possible. However, the lowest down payment won't go any lower than 10%. Please contact me if you need further details! Our company also does financing for different types of mortgages.
Best,
Erika, Broker for Residential & Commercial Properties
erikaroberts2002@yahoo.com
0 votes Thank Flag Link Wed Aug 29, 2012
Hi,

Jumbo loan requirements can differ depending on the state you are in. For a better answer I would speak to your bank or your loan officer to see if there is a way you can lower the down payment.

Regards,
Annette

Annette Holmgren
Bond New York
Licensed Real Estate Salesperson
401-837-9445 c
aholmgren@bondnewyork.com
0 votes Thank Flag Link Wed Aug 29, 2012
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