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New York Million Mortgage Loan
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New York Million Mortgage Loan - $2MM to $40 Million mortgage loan programs are available for New York borrowers who wish to purchase or refinance homes, co-ops and condos throughout the New York City Metro Area and beyond.Due to the large number of mortgage options, it is important to consult with a professional regarding your New York mortgage loan to ensure that you have a mortgage loan that is suited for your individual needs.
Of the five boroughs of New York City, Manhattan is home to the majority of real estate requiring $1+ Million Mortgage loans.
New York Mortgage Loans ( NY Mortgage ) - There are many mortgage loan programs available in the state of New York. Some of the more common loan programs available for refinance or purchase are:
- 100% Financing
- 80/20 No MI
- 115% Cash Out Refinance
- First Time Home Buyer Programs
- Fannie Mae & Freddie Mac Loan Programs
- 40 Year Mortgage
- Non Conforming (Impaired Credit)
- Stated Income (No Income Verification)
- Bankruptcy Buyout
- Multi Unit Programs
Many other loan programs are available. If you have any questions about a loan program feel free to contact a mortgage consultant at (800)515-8443 or via email PrivateClient@RefinanceOne.net
In Central New York, there are many First Time HOmebuyer grant programs. These programs can help to provide downpayment and closing cost assistance. Contact your mortgage profressional at (800)515-8443 for further details.
The "State of New York Mortgage Agency" (SONYMA) also offers 4 different programs to help purchase homes in NY. Each program consists of low downpayment requirements, below-market interest rates, no prepayment penalties, and offers closing cost assistance. SONYMA mortgages are financed by tax exempt bonds.
The 4 SONYMA programs are:
Achieving the Dream
For lower income first-time homebuyers. This program the lowest interest rate of all SONYMA programs.
Remodel New York
First-time homebuyers can purchase a home and finance the renovation with a below market fixed-rate mortgage.
Construction Incentive Program
First-time homebuyers can purchase a newly constructed home. 100% financing with a stepped interest rate that is lower for the first 4 year's payments.
Low Interest Rate Program
SONYMA's program for a first time homebuyers purchasing an existing or newly constructed home.
One of the most popular options on loans in the state of New York today is the minimum payment option or 1% mortgage, which can be fixed, adjustable, or a hybrid of the two, and is available statewide.
There are many programs for first-time buyers available. Some of these programs include Fannie Mae's MyCommunity loan programs, FHA loans, and VA loans. Consult with your mortgage professional at (800)515-8443 to determine what programs work best for your situation.
There are plenty of affordable mortgage option loans for buyers and refinancers of New York Real Estate.
New York City Real Estate Terminology - Brownstone
1 to 6 floors. No doorman. Constructed during the late 1800s and early 1900s as single family homes. A majority were converted during WW II to create multiple units, from three to ten apartments in each building. Brownstones commonly include high ceilings, detailed architecture, & wood burning fireplaces. Sq. ft. is usually not as much, as in a building that provides a doorman.
Elevator Building
Usually in the mid blocks. Most are 6 to 9 stories and many will be on side streets. Probably does not have a doorman. Many will have intercom security, an on site superintendent and some pre-wars provide an elevator attendant.
Loft Apartment
4 to 12 story buildings. Loft apartments are created from large open space commercial buildings. Usually an elevator, but no doorman provided. Commonly found in lower Manhattan in areas like Chelsea, SoHo & Tribeca. Some lofts may have conditions to become a tenant, such as being a certified artist.
Luxury Doorman
20 to 40 or more floors, and 24 hour door service. These are also postwar buildings. Some larger facilities also have a concierge, that will provide services for receiving laundry and packages. Some of these buildings have a swimming pool, health club and a parking garage.
Pre-War Building
10 to 16 floors. Doorman or non doorman. Constructed in the 1900’s to 1940s. Detailed exterior and interior architecture. Some features include hardwood floors, high ceilings, arched doorways, or fireplaces. Most are co-ops.
Post-War Building
Constructed from 1946 through present. Outside of the buildings are commonly red, white, or brown brick. Usually not as expensive as prewars. Long hallways with multiple apartments per floor. 8 foot ceilings, large closets, and small kitchens. The basement contains the community laundry room.
Walkup Building
Up to 5 floors. No doorman or elevator. Originally constructed as multiple family housing, usually one of the cheapest apartment choices. Sometimes these units are called flats, and can also be smaller units in comparison to newer buildings.
Alcove
The area next the living room space that can be used as a dining area or be divided or closed off to make a bedroom, den, or office.
Junior
A unit with a very large alcove next to the living room that can be converted to a bedroom, or that can be utilized as a dining area. Also known as a flex or convertible, a junior is a 1 bedroom unit with a very large alcove and 1, maybe 2 bathrooms.
Loft Area
Usually you will find a loft area, in apartments with very high ceilings. A loft area will be constructed as an extra living space, sleeping space, or for storage purposes.
Studio
A studio is a 2 room apartment, where a kitchen will be considered 1 room. The alcove studio is a studio with an alcove that can be used for sleeping or dining. A studio with an alcove that has a window, with enough room for a bed, is called a junior 3.
1 Bedroom
A 1 bedroom is a 3 room unit consisting of a living room, kitchen and bedroom. A 1 bedroom with an alcove that has a window, with enough room for a bed is also called a “junior 4”.
2 Bedroom
A two-bedroom can be a 4, 5 or 6 room apartment. A flex 3 is a 2 bedroom unit with enough space for an additional room (3rd bedroom, diningroom, den, maid’s room, etc.).
Air Rights
The legal rights to the space above a building. These rights will allow the expansion of the building above it's current level. The Air rights are extremely valuable and can be sold to anadjoining structure, to protect current and future views for the building's tenants.
Condop
A mixed use building containing two or more apartment units. The apartment units are run by a Cooperative, while the commercial space is managed separately.
Duplex
In the NYC Borough of Manhattan, a duplex is not two apartments in one building, but is an apartment on two levels or floors.
Co-Op : Cooperative
Corporation whose shareholders own discrete units within a building or complex. Common property type in the New York Metropolitan area, often requires specialty financing.
NY Jumbo Mortgage - A "Jumbo" Mortgage is any loan that is larger than the conforming loan limits set by Fannie Mae .
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 (800)515-8443 or at PrivateClient@RefinanceOne.net.
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 (800)515-8443 or PrivateClient@RefinanceOne.net.
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.