Do banks need 30% down for jumbo?

We allow 80% financing up to a 2M loan amount. The reserve requirements are to have 12 months of housing payments post closing for loans 1M and above. 6 months for loan amounts under 1M. Sunny.hong@bankofamerica.com

my bank did use my retirement accounts (401K, IRA) as part of the reserve for my condo purchase, but I had to provide the most up-to-date statements for the amounts I had and a letter/statement of the conditions for withdrawal

Requirements vary depending on the lender and use of retirement funds however I have a bank that will go to 80% loan to value with no reserve requirements and they will use 70% of the value in retirement accounts. Please feel free to contact me directly.

Christopher A. Potter
Vice President | NMLS #153995
GuardHill Financial Corp.
140 East 45th Street, 31st Floor
New York, NY 10017
D: (646) 519-7551 | cpotter@guardhill.com

Mortgage Broker here and close my loans with Wells Fargo. As far as down payment on a jumbo, that depends on the purchase price. Wells requires reserves of 10% of the pruchase price.

Ellen Silverman
E.S. Funding Co.
www.esfunding.instantlender.com
esfundingco@aol.com

"We allow 80% financing up to a 2M loan amount. The reserve requirements are to have 12 months of housing payments post closing for loans 1M and above. 6 months for loan amounts under 1M. Sunny.hong@bankofamerica.com"

That's quite a departure from your old criteria, which were merely a pulse and a pen to sign your name ...

Chase does 20% without the reserve requirement.

What are requirements for non-primary residence priced between $1.25 and $2M?

GuardHillPotter, sunny, what's the jumbo rate you can get? for a house of 1.3m and seeking 1.1m loan?

multi - We only go to a 650k loan on jumbo investment properties. But allow as low as 25-30% down if its a 2nd home.

Caonima - please email me and Ill be glad to give you rates. Which loan product? Based on 1.3M, you would have to put down at least 20% which would be a loan of 1.04M. I dont think anyone can do a 1.1M loan at the 1.3M price.

sunny.hong@bankofamerica.com

shong, if you are expecting an email from http://www.google.com/search?q=caonima, can I suggest that you check your Junk folder. That type of language gets filtered out.

Multi - 2nd Home or pure investment property?

2nd home.

Multi,

Mortgage broker here, dealing with a number of banks. However need more infor about the purchase you are considering.

Feel free to email.

esfundingco@aol.com
www.esfunding.instantlender.com

Never seen so many mtg brokers in such a short thread. How's business?

i have a problem in our co-op in that we own 2 apartments (combined into a single apartment 4 years ago) and now wish to purchase a 3rd.

Basically 99% of the brokers i spoke with turned us down on the spot because we will own 3 of the 8 apartments.

Very dissapointing.

deanc, why you put all the eggs in 1 basket?

I'm looking to do a cashout financing since i have substantial equity in my apartment. (more than 80% in equity) i have been getting different answers from different banks or even different people within the same banks. i was being told that there's a 250k cap on cash out and another told me that i can't get cash out at all. any insights?

You should absolutely contact a mortgage broker who can answer any and all questions. I am a real estate broker and have an amazing mortgage broker I refer all my clients to. He is most knowledgeable and answers questions quickly. If you would like his info please send me an email. I am happy to pass his info along.
Michele@parkadv.com

Hello kkc

I am a mortgage broker and just how much cash out you can get depends on several factors. For one you didn't mention how your credit is. Also info on the building where the apartment is is of paramount importance.

I would be happy to answer any questions you have.

Ellen Silverman
Mortgage Broker
esfundingco@aol.com
Tel: 212-786-9682
www.esfunding.instantlender.com