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I have very good credit, we bought a coop in queens last year for 150K and are ready to go up to about 500K townhouse (somewhere in queens)
My question is, I have 50K(plus closing costs, etc) to put down. Will we be able to get a mortgage with 10%? How about if the market keeps going down?
And while I'm on the point- why do I always get some people saying "no, it's got to be 20%, and some that say "that'll work"- are some just more willing to work to make the deal?
I have very good credit, we bought a coop in queens last year for 150K and are ready to go up to about 500K townhouse (somewhere in queens)
My question is, I have 50K(plus closing costs, etc) to put down. Will we be able to get a mortgage with 10%? How about if the market keeps going down?
And while I'm on the point- why do I always get some people saying "no, it's got to be 20%, and some that say "that'll work"- are some just more willing to work to make the deal?
Hope this generates a discussion
Thanks
It really depends on several other factors. One of the big ones is how you make your money. Are you a salary based employee with a steady income? If you are that helps.
By comparison, I have some money and I have good credit. I also have a job where I am strictly commission based. Most lenders will require 20% down if they even have a loan program for me right now.
We put 5% down on our house. There are hundreds of different types of loans, you should find a mortgage broker who can help you find the right type of loan for you.
It really depends on several other factors. One of the big ones is how you make your money. Are you a salary based employee with a steady income? If you are that helps.
By comparison, I have some money and I have good credit. I also have a job where I am strictly commission based. Most lenders will require 20% down if they even have a loan program for me right now.
Actually Brandon a string of Tax Returns is as effective as a string of W2s. You just need two or three instead of one. But once you get out to ten or twelve the banks buy it without even asking.
over $500 even with $50k downpayment would be a jumbo loan....
This is true and would take them outside of FHA requirements for NY.
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