Thursday, June 22, 2017

10% Down on a NYC Condo? Yes!

Many agents will look at you like you have 3 heads if you tell them you are financing 90%. That said outside of NYC a large portion of homes sales are done with 90% financing, in many cases even 97%.

So here is some hope for those that want to buy, however don't have 20% down or would simply like to save some cash for renovations.

We have now completed 3 deals where our clients secured 90% financing and it was pretty smooth sailing. Now these were all on deals where the seller was willing to accommodate because other options were limited. The quote I have pasted below is from a buyer who just closed at 338 Berry street;

"Keith, Norman, Christian

It was a pleasure working with you!
Thanks for your help throughout the process, and answering all our newbie questions & anxieties.
We are all packed and moving in tomorrow!

We were able to go with 10% down.   
Sunny @ Citizens actually came through, and moved very quickly for us.  They did give us a bit of a fright with an underwriting document request Friday @ 6pm.  It freaked me out, but Sunny said it was not a big deal, and the file would clear on time.  Overall was very happy, and they were extremely responsive.

Guardhill was also offering 10% down, though moved a bit slower and had higher rates.  Beyond them, I believe PNC is also doing 10%.  

SoFi was too much of a blackhole, so I didn't bother proceeding with them once the other lenders came through.  

Interestingly it seemed like most of the banks that wouldn't do 10% really wouldn't do 15% either (except on sub-$1M).

All the best,
Steve & Cristina"

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