This is definitely a question for an experienced mortgage person. Feel free to call the mortgage rep that works with my office, let him know I sent you.

Speak to Mr. Goldman, who works the reputable Financial Equities mortgage bankers and has over 20 years mortgage experience. You can reach him at jgoldman@financialequities.com or call and ask for him directly at 800-924-6336.

I hoped this information will help you with your current question and any other questions you may have.

Rhonda Holt
Full Time Top Sales Agent
Specializing In Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
Brooklyn, New York
Cell: 646-725-5941
My Site: http://www.KandHhomes.com
Email: HelpMeRhonda1919@Yahoo.com
*JOIN ME ON TWITTER.COM AT: http://www.twitter.com/helpmerhonda09

Yes. It's called a loan level pricing adjustment and is applicable on condos and cooperatives for all loans greater than 15 years in term. The adjustment is .75 basis points.

This means that you would either have to pay .75% in additional fees to secure the same rate (this translates to $750 for every $100,000 you borrower) OR you'd get a rate that is probably .25%-.5% higher than the corresponding rate on a single family home.

Attached is a link to Fannie Mae's website which covers this adjustment (see page 3)

https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdf

There's no fee for putting less than 25% down. There is a requirement to get PMI (Private Mortgage Insurance) if you put less than 20% down. However, depending on your credit, there might be pricing adjustments at different Loan to Values with certain banks and in order for the bank to make the same money on your deal, the would charge more points, but not a fee.

We don't have that. call if you are interested in a wholesale co-op loan or a mortgage.

Gene Burshtein
917-913-2236

Fees - are you referring to Mortgage Insurance (MIP or PMI) ?

Best wishes,
Fred
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