Posted on: 25th Jan, 2008 08:18 am
Is it possible to get mortgage loan for a co operative homes?
you may find cooperative financing through that nebulous market formerly known as sub-prime. bear in mind, though, that rates for those loans are not always awful - you would likely run into prepayment penalties, etc., but those have no impact if you hold on to the property long enough.
I do know of a few conforming lenders that still offer financing on co-ops. The rates are a tad higher but you should still be able to get into the 5's on a fixed rate mortgage.
I'm in the process of securing financing on a new coop.
Try national consumer cooperative bank.
comparable rates (not sub-prime).
Lenders like wamu, wells fargo, citibank, do coop loans.. I just threw wamu away because they tightened their rules (minimum 10% down, revolving credit debt (monthly payment) is calculated at 4-5% instead of just the minimum due. all of that crap and i have a 732 score!! pfthh
Try national consumer cooperative bank.
comparable rates (not sub-prime).
Lenders like wamu, wells fargo, citibank, do coop loans.. I just threw wamu away because they tightened their rules (minimum 10% down, revolving credit debt (monthly payment) is calculated at 4-5% instead of just the minimum due. all of that crap and i have a 732 score!! pfthh
Hi JM,
Welcome to forums.
You have a pretty good score I must say. Are you getting the finance from national consumer co-operative bank?
Bthahir, you can check out with some of the lenders in our community too. By the way, in which state do you reside?
Welcome to forums.
You have a pretty good score I must say. Are you getting the finance from national consumer co-operative bank?
Bthahir, you can check out with some of the lenders in our community too. By the way, in which state do you reside?