The "jumbo" loan market in and around the New York City area continues to have problems. One loan officer told me this morning that most lenders continue to require at least 50% down on home purchases north of $2 million. "I have a client who makes $2.7 million and wants to buy a $3 million Brownstone," one LO told me. "He just got divorced and wants to put 10% down but I can't help him." He noted that some of the largest lenders in the city refer jumbo applicants to their 'private banking' divisions but require a net worth of $1 million. As for the jumbo securitization market coming back any time soon, don't hold your breath...
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