80% financing up to $2M

Started by shong

about 14 years ago

Posts: 616

Member since: Apr 2008

Discussion about

A streeteasy poster recommended I post this as we are in discussions on locking in a 1.72M loan at 80% financing. We allow 80% financing up to $2M loan amount. Im finding out that not many lenders are offering this and require more money down. Of course there are qualification requirements and not everyone may fit the profile but it is available. This usually works well for purchasers who can put much more money down but choose to put less. I found this doesnt work well for those who are scrapping together funds to come up with the 20% plus closing costs. sunny.hong@bankofamerica.com

Response by inonada

about 14 years ago

Posts: 7951

Member since: Oct 2008

What are the rates for this, shong?

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Response by shong

about 14 years ago

Posts: 616

Member since: Apr 2008

Mid 4% but depends on your scenario. You can feel free to email me with your specific scenario. Thanks.

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Response by nycREjunkie

about 14 years ago

Posts: 116

Member since: Mar 2007

Of course there are qualification requirements .....what are they for such loan?

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Response by Universal

about 14 years ago

Posts: 4

Member since: Jul 2010

what about market based LTV reductions? does BofA allow 80% in NY and Kings counties?

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Response by shong

about 14 years ago

Posts: 616

Member since: Apr 2008

nycrejunkie - typically, it is 720+ credit, 12 months reserves, and qualifying debt to income ratios.
Universal - good question. We allow 80% in all of NYC and LI with no LTV reductions at this time.
sunny.hong@bankofamerica.com

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Response by inonada

about 14 years ago

Posts: 7951

Member since: Oct 2008

Thanks, shong.

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Response by MortgageMan787

about 14 years ago

Posts: 96

Member since: May 2008

We are at 80LTV as well, up to $2mm. 75LTv up to $3mm. ARM's are in the mid to high 3's depending on the product (5,7,10) and the relationship with the bank. 18-24 months of reserves with solid credit.

mcohen@firstrepublic.com

Mitchell

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