NYC high LTV lenders?

Question

Calling all my NYC investors and househackers.   Has anyone had success finding any banks/credit unions/alternative lenders that are willing to make high LTV loans (90-95 CLTV) on multi families with prices above $1mm in NYC?  I've been pre-approved for FHA, but the loan limits are just too low for the areas I'm targeting.  I'm willing to owner-occupy, and also willing to do a rehab loan.  Rather than find a needle in a haystack, I'd love to hear who folks here are using for high LTV loans.  Thanks!

Rachel Covert · Answer

Thank you @Eric, I will definitely reach out to them. Have you been able to buy a deal yet?

Eric A. · Answer

@Rachel Covert this was a while back but I did at the time find that TD Bank was offering 10% down pmt loans for owner occupied MFs up to 1.5mm Max loan size. Not sure if they’re still doing them but you should check.

Rachel Covert · Answer

Eric - Did you find a lender?

Chris Mason · Answer

It lists NYC like 10 times for whatever reason (IDK NYC specific stuff, naturally), but they all say $1.2m for four unit.

NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA

35620

35614

NEW YORK

061

NY

$625,500

$800,775

$967,950

$1,202,925

NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA

35620

35614

ORANGE

071

NY

$625,500

$800,775

$967,950

$1,202,925

NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA

35620

35614

RICHMOND

085

NY

$625,500

$800,775

$967,950

$1,202,925

And so on.

Chris Mason · Answer

Uhh @Eric A.I got some good news for you my man, and I'm not even the one actually doing your mortgage or even licensed in your state.

It says right here that the max FHA loan limit for a FOUR UNIT property in NYC is $1.2m. I figured it would be, because that's what it is in the Bay Area.

You weren't thinking you were capped at $625k were you?

MSA Name

MSA Code

Division

County Name

CountyCode

State

One-Family

Two-Family

Three-Family

Four-Family

NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA

35620

35614

BRONX

005

NY

$625,500

$800,775

$967,950

$1,202,925

Jesus Minier · Answer

nice to see investors in NYC using fha to do 1mm+ properties. I live in NYC but looking at outside areas to get started since there's less money involved. I plan on using an fha loan as well.