U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 08-05-2009, 10:14 AM
 
1 posts, read 2,080 times
Reputation: 11

Advertisements

We are currently in contract to buy an apt in a new condo development in Brooklyn. Can anyone recommend a good mortgage provider?

Some of my friends have suggested Wells Fargo and JPMorganChase.

We called HSBC but they will only lend to new construction developments that are 90% sold. We were told by other friends that JPMChase has very strict conditions for new developments.

Any advice or suggestions are greatly appreciated. We have 40 days to obtain a commitment.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 08-10-2009, 03:18 PM
 
Location: West Milford, NJ
37 posts, read 116,895 times
Reputation: 15
Whether you speak with Wells Fargo or Chase or anyone else, the mortgage money pretty much comes from the same places and for new condos that is becomining more and more difficult. The requirements for mortgages are pretty much that the project must be 70% sold (actual closed loans plus units under bona fide contract). Some may be stricter and some a little more lenient.

If I knew to whom to refer you, I would, b ut it is just difficult unless you buy and close when the project is pretty much sold---that could take weeks or months or years or never.
Rate this post positively Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6. The time now is 06:18 PM.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top