Anyone here used a JD mortgage to buy a place in NYC? Wondering if this is something that’s generally limited to other cities as the real estate market is so different here. Thinking with everything that is going on it might be a good time in buy in the next few years.

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Have not. However, there has been a ton of monetary flight from the City, my fear would be NYC having to tax the daylights out of anyone that remains to make up all this lost revenue. Suppose that is a concern everywhere right now, but the floor for taxes is already a lot higher in NYC. Just pontificating over here though, definitely not gospel.

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Are you eyeing a single family home? Consider that most coops and condos have down payment requirements. You may qualify for the JD mortgage but may not be approved by the apartment board if you do not meet their financing threshold.

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I’d more than likely want to do a multi-family property in brooklyn/queens/harlem so this wouldn’t be a concern.

I can also see some of these requirements changing if the demand goes way down (as it appears it might).

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Used one to buy a condo in Brooklyn in 2019. The bank allowed 10% down (and waived PMI), so we avoided co-ops, since they often require 20% down.

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Thanks!

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