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A "Jumbo" Mortgage is any loan that is larger than the conforming loan limits set by Fannie Mae . Finding a direct lender that does residential loans for over 1 million dollar loans is not that hard. These jumbo and Super Jumbo loans are mildly higher in rate than their conforming counterparts. Underwriters for these 1 million plus loans look at income source/documentation, property value, and reasons for taking any cash out.
In the case of Subprime Jumbo Loans in NY, it is always better if income can be documented by either W2s or 6-12 months of personal or business bank statements.
Even if it is not possible to document income via W2s or bank statements, there are Stated or No-Documentation loan programs for Subprime Jumbos in NY. As of 2007, the conforming loan limits are as follows:
$417,000 for a loan against a single family home.
$533,850 for a loan against a two family home.
$645,300 for a loan against a three family home.
$801,950 for a loan against a two family home. Due to high property values in a large portion of the New York Metro Area, many home buyers looking to purchase, as well as homeowners looking to refinance, need a mortgage that is larger than the conforming loan size limits. The rates on Jumbo Mortgages in NY and other states are generally a bit higher than those of conforming loans. There are loans available for $1 Million to $10 Million in New York by calling 888-713-0202 or at robin@notelender.com.
These loans are riskier for the lenders, so they generally require larger downpayments than conforming loans for purchase mortgages or, in the case of refinances, more equity. In NY, Jumbo loans and Super Jumbo mortgage refinancing are very common in the boroughs of New York County, Brooklyn / King's County, Queens County, Bronx County, and Staten Island County. Jumbo mortgages and Super Jumbo loans are increasingly par for the course in the NY counties of Nassau County, Suffolk County, Westchester County and Rockland County, as well as Bergen County and Hudson County in nearby NJ and Fairfield County in Connecticut. Subprime Jumbo Mortgages in New York are also available at 888-713-0202 or robin@notelender.com. Generally speaking, for loans $1 Million and above, lenders will require 2 appraisals from different, unrelated appraisal companies.
This is to be sure that they are lending this substantial amount of money against a well-valued property. In New York, jumbo and super jumbo mortgage loans are available for buying or refinancing single family homes, townhouses, high rise condo & even co-op properties (within the 5 boroughs of Manhattan, Brooklyn, Queens, the Bronx and Staten Island). Jumbo loans & multi million dollar mortgages in the State of New York which feature "cash flow" options allow you to actually defer mortgage interest during the first 5 years up to as much as 10% of your loan amount. You can often qualify for much better financing terms for jumbo loans if you can verify substantial asset reserves. Asset reserves can be from the following sources: IRA, 401k, savings, money market accounts, or any other type of account with a liquid cash value.
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