Manhattan - Soft Market = 25% down and 12 mos P&I

wells fargo will do 20% down up to 2M on a co-op, not a condo.

we are talking about jumbos here?

wow, Manhattan a soft market!? what's left for the rest if so?

yes, jumbo

manhattan soft? everything else must be liquid....Arizona/Florida are classified as gaseous.

We heard similar stuff from Citi. There seems to be concerns about lending to Condos.

I think condos that have commercial re in them are problem for fnm / fre

wells fargo did my mortgage...they were quick and reliable......

wells did mine too, but I dont think theres anything quick about the mortgage process

Did you ask the BOA guy what market, exactly, do they consider NOT a soft real estate market?

If they don't like Manhattan, what DO they like?

Monaco?

Give me a break. . .

I got my first mortgage in 1986 as a grad student. 20% down was the minimum. Things weren't so bad, glad to see we are finally getting some semblance of rationality back into banking.

boss77 - our guidelines allow 80% financing up to a 1M loan, 75% financing up to 1.5M loan amount, 70% up to a 2M loan amount, etc. Reserve requirements are 6 months housing payments for a jumbo loan up to 1M and 12 months reserves above 1M loan amount. You must been looking for a mortgage between 1M and 1.5M. Requiring 25% down has nothing to do with Manhattan being a "soft" market. That's just our jumbo guidelines. Im pretty sure youll find similar loan to value and reserve requirements with most banks. sunny.hong@bankofamerica.com

how come co-op is more favorite than condo from bank mortgage department now?

People should put 25% down even if the market is good. There is nothing wrong with that. In fact, that should be required for every purchase. We would not have had the housing crisis if this were to be the case.

> manhattan soft? everything else must be liquid....Arizona/Florida are classified as gaseous.

Little stevie is finally learning something!