lots of millennials looking to burbs for homes and big suvs
#46
Originally Posted by RNM GS3
Lets just say I know a bit about lending.
Please tell me a lender that will give me a JUMBO mortgage in NY/NJ with 10% down, stated income at less than 5% rate.
He would make MILLIONS here lol!
Please tell me a lender that will give me a JUMBO mortgage in NY/NJ with 10% down, stated income at less than 5% rate.
He would make MILLIONS here lol!
Of course the stated income is over 5%. People aren't crazy. It's not crazy high though, low-mid 5s.
#48
Some have help, some don't.
Wrong. I can put you in touch with 5 lenders right now who can do less than 20% down on a $900k house. I have a client who I got approved for an $850k house, 10% down stated income
Believe it or not, often jumbo money is easier and cheaper to get. I kid you not.
You'd be very surprised.
Wrong. I can put you in touch with 5 lenders right now who can do less than 20% down on a $900k house. I have a client who I got approved for an $850k house, 10% down stated income
Believe it or not, often jumbo money is easier and cheaper to get. I kid you not.
You'd be very surprised.
#51
Institutional lenders that can do jumbo money at 90 LTV, I don't typically use institutional lenders, but I know Capital One can do it, and I know SunTrust can do it. I think US Bank can do it also.
I just googled it and Capital One:
https://www.capitalone.com/home-loan...w-work-for-you
No PMI either.
Smaller local mortgage companies are what I typically use, and pretty much all of them in my market have some sort of less than 80% LTV jumbo product.
As for stated income/alt doc loans, these are still very spotty, but more options are becoming available. The financing I mentioned is from a small hard money type lender, but its a 30 year fixed rate loan.
Seriously, If you want/need specific contacts for this type of thing, PM me and I will give them to you. Not going to post them here.
LOL, its reality. I do this for a living, I am sitting down with the stated income buyer this week to sign a contract for $850,000 new construction. You're the one who is way behind the times.
#52
I'm sure we must have some mortgage guys here that can settle this.
I work in finance and am well aware of the new regulations that lenders have to comply with.
The type of lending your talking about would be done by very small lenders that are not regulated and will charge huge fees and rates.
I work in finance and am well aware of the new regulations that lenders have to comply with.
The type of lending your talking about would be done by very small lenders that are not regulated and will charge huge fees and rates.
#53
I would say the 90% LTV Jumbo is very mainstream. Some lenders do it with subordinate financing, some do it with one loan. I can get you that in the low 4% range.
PM me if you want specific contact names and numbers, you can call them yourself.
#54
Well, you're in the real estate business so of course you see people, including millennials, who do buy houses. But you're not seeing the millions who can't anywhere nearly afford even an apartment. Here in NYC outer boroughs studio rents start at 1400-1600, and 2 bedroom apts rent for $2500-3000. Not many people are able to save up for downpayment while paying those rents.
#55
So you are saying a 25-28yr old can get 90% financing on a Jumbo loan at 5%.
Ok What is his debt to income and credit score?
Either this person is making huge salary and had no debt or things in DC are way different then in NY.
Oh and im sure their credit is over 800 with no student loans!
Ok What is his debt to income and credit score?
Either this person is making huge salary and had no debt or things in DC are way different then in NY.
Oh and im sure their credit is over 800 with no student loans!
#56
That's why I said outer boroughs, such as Brooklyn and Queens. Although parts of Brooklyn and Queens that are very close to Manhattan, such as LIC, Brooklyn Heights, Dumbo, Williamsburg etc often have rents that are within just $100-300 of Manhattan rates.
#57
DTI is in the 40s back end, credit over 720 for sure, to get best rates needs to be in the upper 700s.
Either this person is making huge salary and had no debt or things in DC are way different then in NY.
Oh and im sure their credit is over 800 with no student loans!
Oh and im sure their credit is over 800 with no student loans!
EDIT- Difference would be taxes, your taxes in NY/NJ are way worse than here.
#58
#59
How about an article about this in the NY Times?
https://www.nytimes.com/2016/03/12/y...d.html?mcubz=1
Everybody interviewed lives in NY
https://www.nytimes.com/2016/03/12/y...d.html?mcubz=1
Everybody interviewed lives in NY
Where we’ve seen the biggest change is in the appetite of jumbo lenders in the private sector to allow for 90 percent financing, which we hadn’t seen be this widespread since before the crash of 2007 to 2008,” said Mark Maimon, a vice president with Sterling National Bank in New York
#60
sister in law lives just over bridge Brooklyn side 2 bedroom apt 6k a month