Attention mortgage brokers:

amother

Rainbow

Tue, Jan 18 2022, 10:02 pm

amother [ Strawberry ] wrote:

As a recent buyer it was easy. Just told them we were putting 5% down. We pay PMI, but it isn't too much

Did you have a cosigner?

amother

Tue, Jan 18 2022, 10:02 pm

amother [ Strawberry ] wrote:

As a recent buyer it was easy. Just told them we were putting 5% down. We pay PMI, but it isn't too much

where are you located?
My mortgage broker said it's almost impossible to put down less than 20%.
What's PMI?

amother

Latte

Tue, Jan 18 2022, 10:04 pm

We put down less but not all want to work with those types of mortgages. The first two we asked gave us a hard time but the third person gave us our real options. Find another mortgage broker who won't lie to you.

Amarante

Tue, Jan 18 2022, 10:15 pm

amother [ OP ] wrote:

where are you located?
My mortgage broker said it's almost impossible to put down less than 20%.
What's PMI?

PMI is "private mortgage insurance" which is generally required when your down payment is less than 20%. This is because there is less equity in the event that you don't pay and the home is foreclosed.

It can add to the cost of the mortgage - according to this a relatively high amount. I have no personal experience with PMI.

In general, you’ll pay between $40 and $80 per month for every $100,000 borrowed, according to Freddie Mac, a government-sponsored enterprise that buys and sells mortgages on the secondary mortgage market. Keep in mind this amount can vary based on your credit score and your loan-to-value ratio—the amount you borrowed on your mortgage compared to the home’s value.

There are also FHA type of loans which only require 3% down - I don't know anything about the intricacies of those types of loans

https://www.fool.com/mortgages......aspx

amother

Lightgray

Tue, Jan 18 2022, 10:22 pm

amother [ OP ] wrote:

How can I get a mortgage with less than 20% down payment?

As a mortgage broker: only if it'll be your primary residence and you qualify for the monthly payment. Investment properties will require a minimum of 15% (but generally 20% down) if it's a single family. Only if this mortgage will be the buyer's primary residence (or legit vacation home) can you put down less than 20%.

When potential clients ask me what the minimum down payment is, I'll say 3%, but that may not apply to you. The same way one can get a rate in the 2% range, but others will get a rate in the 4 or 5% range... depend on the rest of the details of your scenario.

amother

Tue, Jan 18 2022, 10:59 pm

amother [ Lightgray ] wrote:

Thank you!!!!!!
It will be my primary residence.
How much would my income need to be for me to qualify for 3%, 5%, 10%, etc. on a house in Brooklyn in the 1.5M-1.7M range?

amother

Tue, Jan 18 2022, 11:00 pm

[quote="amother [ Pumpkin ]"]Where are you located and what is the purchase price on the house?
Are you a first time home buyer?[/quote

Brooklyn. Approximately 1.5M. First time home buyer

amother

Tue, Jan 18 2022, 11:00 pm

amother [ Latte ] wrote:

May I ask where you are located and who you used as a mortgage broker?

amother

Tue, Jan 18 2022, 11:02 pm

amother [ Strawberry ] wrote:

As a recent buyer it was easy. Just told them we were putting 5% down. We pay PMI, but it isn't too much

Where are you located?

amother

Latte

Tue, Jan 18 2022, 11:14 pm

amother [ OP ] wrote:

May I ask where you are located and who you used as a mortgage broker?

I’m in Lakewood area but not comfortable posting names

amother

Pumpkin

Tue, Jan 18 2022, 11:15 pm

amother [ OP ] wrote:

Thank you!!!!!!
It will be my primary residence.
How much would my income need to be for me to qualify for 3%, 5%, 10%, etc. on a house in Brooklyn in the 1.5M-1.7M range?

This depends on how much other debt you have!!
Please find yourself a mortgage broker who you trust.

Have you gotten a preapproval for that priced house?

amother

Lightgray

Tue, Jan 18 2022, 11:20 pm

amother [ Pumpkin ] wrote:

This depends on how much other debt you have!!
Please find yourself a mortgage broker who you trust.

Have you gotten a preapproval for that priced house?

Exactly! It also depends on whether this is a single family (or condo) or multi-unit and how much the taxes on the house are.

In addition to your income, your employment history (or lack thereof) makes a difference too.

Please don't expect to get pre-approved on imamother! Contact a good mortgage broker (like me!) to get proper guidance and answers that apply to your situation.

amother

Pumpkin

Tue, Jan 18 2022, 11:21 pm

amother [ OP ] wrote:

May I ask where you are located and who you used as a mortgage broker?

I didn’t actually close with them (yet) but I’ve been very happy with the broker I worked with at Mint Capital.

nicole81

Wed, Jan 19 2022, 12:19 am

The FHA loan limit in Brooklyn is about $822k so even if you meet the income to debt requirements for that loan amount, you'll need at least enough down payment to meet the different between that number and the house price.

chava101

Wed, Jan 19 2022, 1:34 am

maybe the reason why you were told that you need to put down that much is because the loan amount wouldn't be conforming and you would need to get a jumbo program. As a broker it's hard to answer why you were told you need to put down 20% w/o knowing the specifics. I do believe you should be able to get a jumbo loan at 90% of you purchase price.

amother

Wed, Jan 19 2022, 7:47 pm

chava101 wrote:

can I pm you?