I don't do business in NY or NJ, don't have much experience there outside of my in laws who I've helped in NJ, but it shouldn't be any different. I can think of 5 off the top of my head, including my company's in house lender who can do a $900k house with 10% down.

Of course the stated income is over 5%. People aren't crazy. It's not crazy high though, low-mid 5s.

 

I have to say, I think SW15LS is losing his argument.

 

Lets just say you're a bit out of touch with reality.

 

Please tell me these lenders - I would love to talk to them.
Its beyond unbelievable......Stated Income and 10% down on jumbos are a thing of the past.

 

LOL, okay. I only do this for a living but you guys can believe what you want. You do NOT need 20% down to buy a house.

 

Believe it lol, what was the past is now again the present.

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.

 

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.

 

This is true for the stated income stuff, but not the jumbo stuff. The rates and fees aren't as huge as they were even 6 months ago. This particular client has been looking for a stated/alt-doc program for years, and we finally found one at a stomach able cost.

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.

 

Friend lives off Greenwich and Harrison lower Nyc studio 600 sq ft 3500$ a month

 

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!

 

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.

 

No, it would be way less than 5%. The rate over 5% was the stated income/alt doc loan. He could get that loan in the early to mid 4% range.

DTI is in the 40s back end, credit over 720 for sure, to get best rates needs to be in the upper 700s.

If he's buying a $900k house for sure he has a great income, good credit too. No reason it would be any different here than in NY.

EDIT- Difference would be taxes, your taxes in NY/NJ are way worse than here.

 

Excellent article, thanks for sharing.

 

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

 

sister in law lives just over bridge Brooklyn side 2 bedroom apt 6k a month