DML Mortgage - James Pugliese - 914-497-2886 or
Wells Fargo - Wayne Slaughter - 914-261-3502
Legends Realty Group
also... if you are a member of a credit union check with them... they are not hurting like banks since they were able to avoid the subprime mess altogether and their lending practices are most of the time much more flexible... if you are not a member of a local credit union you may want to check with them what it takes to become one... their mortgage products are usually cheaper and underwriting standards are not as stringent...
Hope this helps.
Legends Realty Group LLC
Good luck Mike. We used to live in Tuckahoe and really liked the little town. Too bad Rockwell's closed, they had really really good bar food.
Say you put 100k down to buy a 500k home and the down-payment requirement goes from 20% to 25%. Now a buyer would need to either bring 125k cash on the table or the seller needs to reduce his price to 400k to make the sell. Since its unlikely that buyers suddenly have more cash available, the higher down-payment requirement should drive house prices further down. In this case by 20%!
You might want to renegotiate your offer. Best of luck.