Mike, Home Buyer in New York, NY

Anyone help with Credit/Refinance for Co-op in NY? Is this 2nd Home or Investment? Mother living there, pays no rent...

Asked by Mike, New York, NY Sun Jun 20, 2010

The quick story: my Mom lives in my co op in Long Island City. She has had a stroke, has Medicaid, Social security and pays NO rent.
It used to be my primary then I met someone got married and we now live 500 miles away in NC- house too small to have Mom live with us. Mom wants to be on her own- does well with community medicaid home health care aid.
I really need a HELOC or refinance. Is this a 2nd home or investment? Can anyone tell me where I can find a lender who will work with me? Credit score=excellent, wife will co sign if necessary (her credit is excellent too) to meet debt to income guidelines in necessary

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Robin Silverberg’s answer
I would have to know all the details, but I have one lender who I believe still allows a "kiddie co-op" as it used to be called, however is also used for an owner who's parent lives in the co-op. Are you looking to get cash out, or refinance an existing loan? The other possibility is if your mother is capable of signing on the loan, you may be able to have it done for you as the non-occupant co-borrower. E-mail me if you would like and we can talk about the best way to structure this, which is not as an investment property.
0 votes Thank Flag Link Sun Jun 20, 2010
Hi Ann,

Thank you for your response. To clarify:

I have contacted many big lenders but the guidelines vary and I am not having success so far.

No issue with approval from the board.

Loan to value will work on refinance or HELOC with up to $50,000 cash out / credit line

Only hurdle is finding a company whose guidelines will fit this situation.

It makes sense to me to go local.

Do you know of a particular local lender or lenders that would do this?

0 votes Thank Flag Link Sun Jun 20, 2010
Start by contacting any local lender and go from there--review all your co-op documentation as some boards may require approval first.
0 votes Thank Flag Link Sun Jun 20, 2010
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