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How much down?

Started by nlightened
about 15 years ago
Posts: 2
Member since: Jan 2007
Discussion about
Can anyone share their experiences with what percentage of a new (jumbo) mortgage banks have been willing to finance? 70%? 80%? 90%?
Response by kas242
about 15 years ago
Posts: 332
Member since: May 2008

Must put at least 30% down for a jumbo loan on a coop.

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Response by nlightened
about 15 years ago
Posts: 2
Member since: Jan 2007

What about a condo?

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Response by shong
about 15 years ago
Posts: 616
Member since: Apr 2008

If youre talking about loans above $729,750, generally you're looking at 20% down up to a 1M loan, 25% down up to 1.5M, and it can vary above 1.5M loan amounts. There may be exceptions made for certain cases. sunny.hong@bankofamerica.com

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Response by Seb52
about 15 years ago
Posts: 14
Member since: Aug 2008

Anyone knows who lends $2m with 20% down for a newly built condo in Chelsea?

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Response by Riversider
about 15 years ago
Posts: 13572
Member since: Apr 2009

That ship left in 2007. You'll need to put down 25% or more.

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