Harlem Mortgages?

I don't think that Harlem is the issue but rather the 10% down on a 600k purchase. Other issues could include the exact location of the development, new or existing structure as well as your salary and credit rating. Anyway, try Wells Fargo.

6.35 is a good rate, its the 10% down part that spooks people not the harlem....Jumbos are at 7% on 5th ave and if you go 10% down they would be 7.25 or higher

Use ING Direct. You can get a 5/1 ARM for 6.125% if you have good credit (670+ credit score). They may require 80% down, but you could get a piggyback 10% line of credit for 8.25%. It is illigal for a lender to discriminate against making loans in a particular neighborhood -- that is called red-lining and is against federal fair housing laws. If any lender will not lend because the property is located in Harlem, you should report them to HUD and sue them. In any case, Harlem is a fine real estate market; there have been scores of condos sold for above $1 million in Harlem in 2007 and many financed with 80% or 90% mortgages. Just check StreetEasy and PropertyShark and you can get all of the details on sales prices, mortgage amounts, and lenders.

We used Wells Fargo for our place in Harlem, they were great.

I just closed on my new place on Frederick Douglass Blvd and I used Trachtman & Bach (local mortgage broker in Manhattan). I spoke to Hymie there... GREAT guy. He got me 6.125% on a 5/1 ARM, the same rate for interest only too (but I didnt want that). Highly recommended 212-448-0100

Does anyone know what the rate these day are for a 30 yr?

30 yr fixed that is

I just purchased a 3/2 in The Langston on 145th for $685k. I was pleasantly surprised with the rate and service I got from Countrywide. I did put 20% down though.

What rate did you get

5.625% interest only 5 year ARM. 20% down.

can you provide the countrywide contact number thanks

cnutile, was it 7m? I was looking at it and loved it. If so you got a great deal, congrats!