Financing for New Contrsuctions - Please Help

You can try Wells Fargo. They offered me a loan on under 50% sold new construction in Brooklyn, although I'm putting 40% down and it's not a jumbo.

Wells just increased their requirement to 70% two weeks ago. I am putting 30% down and borrowing approx 600K

nycjr - then we can qualify you as long as the building is 33% sold. But will get non-conforming rates. Something you can talk to the developer about. However, it cannot be a conversion with a whole bunch rent stabilized/controlled units. Our guidelines allow up to 650k loan amount with at least 25% down at 33% pre-sale. sunny_hong@countrywide.com