Yes you can get approved with a 647! You probably don't need to get your scores up anymore. I have had a lot of my clients with 580-600 scores approved for a home loan with The Lenders Network, not bad rates either.... more
You've been posting similar questions regarding this foreclosure. I have read the many answers you have been given. I recall you wanted to know if you could sue Fannie Mae and I did read the most complete and cogent answer from Mitchell Hall. I suppose you didn't get the answer you wanted to hear. You seem to want to build some type of consensus from agents/brokers. So now you are experiencng the pleasures of purchasing a foreclosure. Nothing unusual here. Good luck.... more
I would talk with brokers who hae listings in your price range and listings in that neighborhood. "Big names" typically have tams and you do not actually work with the "big" name. It is more important to have a broker who you can relate to and who will answer your questions. Also do not be afraid to ask for referrals so you can speak with past clients of that broker. Please feel free to contact me. I have 1 partner and we frequently work upper Manhattan .
First, get off the idea this will happen in a month. No coop is closed in a month. I bought on the private market and it took 8 months.
Second, contact UHAB. We sell sponsored apartments all over the city for $35,000 and up. Wed do this for people who can put down an initial payment of around $5,000, and have decent credit, proof of income, and interest in the purpose of HDFCs, that is, a limited equity coop that they will not expect to cash in on at market rate some day.
The coops we sell are limited equity, so for each year you live there, you get 3% more than the value you bought it at. That means it creeps up a modest amount, but you do get some return. Also, it keeps the price down for the next person in line when you move or upgrade, so they can also benefit from this truly precious gift of permanently affordable housing.
You can also see if you can find a private listing for coops out our site, but you are an ideal candidate for our sponsored units, which are all newly renovated (though there's less buyer choice).... more