My wife and I are looking to buy an apt in Brooklyn or Queens, we will have to borrow money from my in-laws
10% of the purchase price. We have about 5% saved for closing costs and any repairs or renovations to the apt. Are there any banks that will loan us 90% in this market? My wife has stellar credit (over 810 Fico) I have a Fico score of 699. We were told that it was highly unlikely that we can get financing of 90% on a co-op in NY.
Stuart-
I have a conventional co-op loan that you can use to buy you co-op. It requires as little as 5% down so you should be fine if you are putting 10% down. However, you did not indicate the loan amount so I would just need to make sure that is in line as well.
Feel free to call me if you have questions.
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com
Apply Online: flagstarloans.com/lallison
Hi Stuart,
According to the info you are presenting, 90% is doable.
Shai Megiddo
(718)947-1541
shaimegiddo@gmail.com
I actually was talking about looking at Co-Ops in the NYC area.
FHA allows a gift for the downpayment.
This would be the easiest way to go. I can get a commitment within 10 days on a FHA loan after I have all the docs.
FICO scores are good for this deal but you should know that the scores can go as low at 581.
I am a registered mortgage broker.
877 301 2700
Hello Stuart
I currently have a buyer in contract with 10% down. He got a commitment letter for 90% financing within 3 weeks. He is purchasing a 1 br coop in brooklyn and hopfully should be closing soon after the board approval. If you have strong financials (good credit and good income) you can get 90% financing. He also had a great mortgage broker. Feel free to contact me at 718-629-8060 for more information.
Here is my website http://fajardodelacruz.realtors.officelive.com or my cell # 347-813-1290,
maybe I can help.
Hope to hear from you soon.
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