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Can I get a 1.9M mortgage in ny with a downpayment of 15-20%?

  • July 26 2014 - US
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Answers (1)

Hey Poohbear,

It is possible however there are a lot of factor that would play a role.  Keep in mind the loan amount that you are requesting is well over the conventional mortgage limits meaning you would need to apply for a jumbo or custom mortgage. These mortgage 

The first obstacle is that jumbo and custom mortgages are considered high risk because they are not federally backed by the government. 

The second obstacle is that normally higher balance mortgages require higher down payments due to the risk mentioned earlier.

a few suggestions
1.  Check with your main financial institution and see what they offer. 
2.  I know that Bank of America has a "custom mortgage department" for high network individuals
3.  Check with Merrill Lynch Home Loans "jumbo mortgage department".
 . 
 
  • July 26 2014
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