Financing in Jackson Heights>Question Details

Dsoto19, Home Seller in Jackson Heights, Que...

Looking for a private lender to buy a co-op in Jackson Heights??

Asked by Dsoto19, Jackson Heights, Queens, NY Mon Mar 28, 2011

A few years ago my husband co-signed on a mortgage and the house was sold on a short sale a year ago. Now my husband and I are looking to buy a coop and we are not able to get a loan through many lenders. we were told by a loan officer that we need to get a private loan and then refinance. We dont know where to go for a private loan. Please some advice would help

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you may want to concider finding a free and clear home and ask for seller financing. Fannie, Freddie and FHA all have time restrictions on short sale buyers. Many times, sellers like this as an option because it guarentee's a certain percentage rate on their money and over the course of 30 years will total much more then the amount they are actually selling the home for. interest adds up! For a seller that doesnt need the money up front its a wise decision on their part.
0 votes Thank Flag Link Mon Apr 11, 2011
Keep in mind that most co-op boards do have their own financial and debt criteria, etc., that must be met in order to purchase, therefore make sure you would qualify board's requirements, if interested in a particular complex, before looking for a loan--unless you are interested in a sponsor unit, therefore no board approval necessary; did the loan officers suggest what needed to be done in order to qualify for a loan, was it a credit problem....if you would like a recommendation for other loan officers that may be able to help, feel free to contact me directly...
0 votes Thank Flag Link Mon Mar 28, 2011
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