90% financing anyone?

WellsFargo

Yes, Wells Fargo, given that the bldg. is on their most recent approved bldg. list.

Where would I find an "approved building" list? Is there really such a thing?

What is the loan amount? Is it a coop or condo?

>Where would I find an "approved building" list?
ANSWER: Your mortgage broker should have access (make sure s/he has an updated list). If s/he doesn't know, find another broker.

>Is there really such a thing?
ANSWER: Yes, there is--although the list is in no way definitive. It has been changing quite a bit (due to changing standards), and sometimes you just don't know. Wells Fargo has recently been asking for higher $$$ down (or other means of assurance) from buyers at some "apprved" bldgs. because they (the bldgs.) are in less-than-desirable financial shape.

loan amount of $500k...in a condo building.

The best I found with WF was a 75% first mortgage (conforming) with a HELOC for 5% (total of 20% down). I found a few mortgage brokers that said they could do an 80% first with a 5% HELOC. In each case, the first mortgage was a conforming, 30 year fixed. I've been told that all jumbo mortgages require 80% down now.

The best I found with WF was a 75% first mortgage (conforming) with a HELOC for 5% (total of 20% down). I found a few mortgage brokers that said they could do an 80% first with a 5% HELOC. In each case, the first mortgage was a conforming, 30 year fixed. I've been told that all jumbo mortgages require 80% down now.

The best I found with WF was a 75% first mortgage (conforming) with a HELOC for 5% (total of 20% down). I found a few mortgage brokers that said they could do an 80% first with a 5% HELOC. In each case, the first mortgage was a conforming, 30 year fixed. I've been told that all jumbo mortgages require 80% down now.

I have a couple of banks that will do 90% as long as the credit, income and reserves are there. Email if you would like to discuss. mcohen@panamloans.com

There is an "approved building" list. But just because it isnt on that list doesnt mean it isnt "approvable" Every bank has their own list. That should be changing as Fannie and Freddie will start dictating which condos are approved or not. But there will also be exceptions allowed for buildings that have less pre-sale, or more than 20% commercial, or single entity owning more than 10%, etc. And we are working a portfolio/balance sheet type program for financing in buildings that dont quite meet Fannie standards. More to come. sunny_hong@countrywide.com

And I dont know many banks doing 90% financing above 417k loan amount. And it doesnt help if the building isnt solid by Fannie standards.

Washington, crazy question. How many stories is the condo?

"I've been told that all jumbo mortgages require 80% down now."

You've been told wrong. 80% downpayment requirement for a jumbo mortgage is incorrect.

Also it has a lot to do w/ your credit scores as well. It's not just the bldg.

I went to an open house in NJ on Sat and the broker said her financing department could do 3%. Not that I recommend it as I believe it to be irresponsible. Just putting it out there.

oh and the other thing is the building is a new construction, under 50% sold. tricky one, huh? so now the new questions is anyone know of a bank that will do 80% financing in a new construction building that is under 50% sold??

why would you want to buy in a building like that?

egad....history repeating itself before its even history? we all have to stop this.

no no, please...this creates opportunities for people like me to rush in and grab the apts when they are super low after defaults, etc!
keep buying at high prices people!

Washington, the only way I see you getting financing in that building is if the building has a prefered lender who has already agreed to lend on the building regardless of % sold.

mortgageman787can a loan on a condo 2013100344 audreynnj5@gmail.com 2017681046

Not sure if this helps anyone:

90 LTV - $625,500
80 LTV - $1m
75LTV - $1.5m
70LTV - $2m

mcohen@panamloans.com