Get the lowest rates on jumbo mortgages in New York cities classified as high-cost. Typically, expensive homes are in Manhattan, Scarsdale, Great Neck, Brooklyn, Purchase, Pound Ridge, Rye, Harrison, Garrison, Larchmont, White Plains, Chappaqua, Briarcliff Manor, Armonk, New Rochelle and adjacent cities like Katonah, Manhasset, and Upper Brookville.
Homebuyers may purchase with just 10% down up to $729,750 (with a conforming-jumbo loan) and homeowners looking to refinance up to 90% of the home's appraised value in the Empire state's Counties below. If the appraised value of the home is above the limit, true jumbo rates or super jumbo mortgage rates will be necessary. Alternative financing or a portfolio lender are good choices to consider.
County Permanent Loan Limits Expanded Loan Limits
Bronx $625,500 $729,750
Kings $625,500 $729,750
Nassau $625,500 $729,750
New York $625,500 $729,750
Putnam $625,500 $729,750
Queens $625,500 $729,750
Richmond $625,500 $729,750
Rocklando $625,500 $729,750
Suffolk $625,500 $729,750
Westchester $625,500 $729,750
* Loan Limits NOTES:
Under the US Treasury's 2008 initiative, which allowed Fannie Mae and Freddie Mac to temporarily raise loan limits to a maximum of $729,750, is scheduled to expire on Oct. 1, 2011 returning to the previous limit of $625,500
° Rate shown based on loan-to-value of 80% or less; and must have minimim credit score to qualify.
Adjustable rate loans can be had with fixed-rate terms of 5, 7 & 10 years and then converting to a true variable rate for the remainder of the loan term. Rates and fees may vary from lender to lender.
Interest rates are subject to change, without notice, until locked.
° Interest rates are updated
weekly.
° All programs reflect owner-occupied properties. And illustrate 20% or more equity for refinancing.
° Jumbo loan interest rate and APR’s are based on loan amounts from $417,001 to $650,000. Slightly higher rates for loans up to $3 Million
° “Cash-out” refinances may have a different interest rate than other programs, please call to verify.
° “No Doc” and No Income loans, if available, typically from a portfolio lender, may have a different interest rate than other programs and 30% or more minimum equity or down payment, please contact us to verify.
° Credit Scores Borrowers should have a minimum credit score of 680 for loans under $1.5 Mil and 720 if loan is > than $1.5 Million.
° ARM (adjustable rate mortgage) loan APR’s reflect APR for fixed period only.
° ARM (adjustable rate mortgage) interest rates can increase after specified fixed period, please review all applicable disclosures.
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