Posted on: 10th Aug, 2010 08:12 pm
My girlfriend and I stumbled upon an absolutely awesome apartment in a co-op on Central Park West in NYC yesterday. It was completely by chance and it's not yet listed on the open market. Just renovated, views of the park etc. Asking price is $570,000. We'd like to buy it now, possibly (if the board approves) rent it out for a year or two, and move to the city later. This is a great deal and we don't think we'll find anything like it in two years. The trouble is, we would have to finance this as a second home because I don't live in the city at the moment (I'm far away and renting). It seems banks don't like to give out jumbo mortgages on second homes, and jumbo is anything over 417,000 (i.e. just about anything in Manhattan). My FICO is hovering around 700 (maybe a tick over maybe a tick under). I'm perfectly comfortable putting down 20% but the difference between 570,000 and 417,000 is just slightly out of reach.
Is there any solution to this predicament?
Thanks!
Is there any solution to this predicament?
Thanks!
"My girlfriend and I stumbled upon an absolutely awesome apartment in a co-op on Central Park West in NYC yesterday."
You are looking for the bridge amount of 1,53,000 USD.
Now what I assume that your GF will be co-signing/co-owning the property along with you and thus you could be able to get a mortgage of 417,000.
There is one option,if your family member is agree to co-sign/co-own along with you then surely it will improve the loan amount marginally.
If that is not possible then you can take a fresh line of credit on your immovable property i.e.land,your first home (provided you have enough equity in it).
DIPA
You are looking for the bridge amount of 1,53,000 USD.
Now what I assume that your GF will be co-signing/co-owning the property along with you and thus you could be able to get a mortgage of 417,000.
There is one option,if your family member is agree to co-sign/co-own along with you then surely it will improve the loan amount marginally.
If that is not possible then you can take a fresh line of credit on your immovable property i.e.land,your first home (provided you have enough equity in it).
DIPA
Hi adamvleggett,
I don't think there is anything much you can do in this regard. If you want to avoid a jumbo mortgage, then you will have to put the difference between 570,000 and 417,000 as down payment.
Thanks
I don't think there is anything much you can do in this regard. If you want to avoid a jumbo mortgage, then you will have to put the difference between 570,000 and 417,000 as down payment.
Thanks
In NYC, that's considered a Conforming high balance loan. If you have the credit,down payment and DTI, you should be able to find a lender to finance your scenario.
Thanks for the replies. We've talked about our plans, and are planning to move in right away, rather than renting it out (it sounds like the board wouldn't approve anyway) so this will be a primary home. My job allows me to telecommute, and she is looking for a job in NYC. This should make things simpler.