Home Buying in 10550>Question Details

Stanley Ramr…, Home Buyer in Yonkers, NY

Coop approval with bank

Asked by Stanley Ramroop, Yonkers, NY Mon Apr 1, 2013

How long does the bank take to approve the coop and can they deny the loan?

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BEST ANSWER
Stanley, for a lender to approve a coop it typically takes a week or two. But it depends on so many things. As lenders we need certain documentation from the coop management company in order to submit for approval, but there could be a number of things that could lead to the lender asking for more documentation before approving the coop or not.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes Thank Flag Link Mon Apr 1, 2013
If the bank denies the loan for the coop, how long will it take approximately to get it done with another bank?
Flag Mon Apr 1, 2013
Hi, It depends what bank you use and how quick the appraiser gets the questionairre filled out by the management company. They can definitely deny the loan if they don't like what they see in the questionaiir. Some examples are, renter to owner ratio too high, poor financials, etc. The bank is basically investing in this coop through you so they want to protect themselves at all costs.

Christopher Pagli
Accredited Buyer Representative
914.406.9023
1 vote Thank Flag Link Mon Apr 1, 2013
Hello Stanley,

A mortgage commitment depends upon may things. The mortgage commitment for a co-op shouldn't take any longer than any "Real" property. HOWEVER the approval an "Okay to close" for a co-op can be anywhere from 2 to 6 weeks. Much of that depends upon the co-op's management company's timeliness as well as the credentials of the buyer.

BG
0 votes Thank Flag Link Mon Apr 1, 2013
Keep in mind that loans can be denied for any property; a co-op mortgage, should not take any more time than any other sale; however much will depend on your loan officer....
0 votes Thank Flag Link Mon Apr 1, 2013
Thank you.
Flag Mon Apr 1, 2013
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