Jumbo mortgage options with less than 20% down in NY?

Asked by Northshore331, Huntington, NY Tue Jan 10, 2012

Any lenders out there originating jumbos (about $950k mortgage) with less than 20% down? Fixed or Arm is ok, we have good credit, good income and would prefer to o around 10% but 15% would be ok too. Thx!

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sun Jan 22, 2012
Unfortunately the answer to that is no! You'll pretty much have to gather more money for down payment or consider purchasing a home at a lower price. With 10 or 15% down payment you'll have the option to get FHA financing if the loan amount is within $729,750.

Good Luck!
Javier Meneses
Sterling National Bank
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Annette Levi…, , New York, NY
Tue Jan 10, 2012
I am assuming the $950K is for a SFH. If so there are no lenders that ask for less then 20% in NY. If you have investments they can securitized for a mortgage (you do not sell any of your investments and keep income). Otherwise save more or borrow from your 401K.
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Voices Member, , Huntington, NY
Tue Jan 10, 2012
Any chance one of you might be a physician? Wells Fargo is offering a sweet package, even for medical residents who are still "residenting". Let me know if I can provide some really sound contacts in our local lending community. Good luck!
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