Home Buying in Harlem>Question Details

Nia, Home Buyer in Harlem, New York, NY

VA lender in NYC for coop?

Asked by Nia, Harlem, New York, NY Wed May 26, 2010

My husband and I are veterans hoping to use our VA loan on a Coop in Upper Manhattan, but our credit union doesn't finance coops. We weren'tinitially planning on buying but it seems too cheap not to buy now. We don't have a huge amount of savings, but we have good credit. Does anyone have any advice or lenders that work with both VA loans and Coops?

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14
Michael Smith Puente’s answer
Great article in the NY Times article about VA Loans in New York City.

http://www.nytimes.com/2013/06/11/nyregion/va-loans-are-rare…


Regards,

?Michael Smith-Puente
Licensed Real Estate Advisor
L.G. Fairmont Group
(m) 646.577.6045
msmith@lgfairmont.com
http://www.lgfairmont.com/
Proud member of REBNY
0 votes Thank Flag Link Wed Mar 19, 2014
Go talk to a company like Home Loans For All. They'd be your best bet.
0 votes Thank Flag Link Fri Jun 26, 2015
I would suggest contacting Patricia Lavigne of Luxury Mortgage, she's at 122 E 42nd St Suite 4900, 212-324-3000. Please note I do not receive compensation for referrals, best of luck and my brother is almost retired Army/infantry, Thank you for your courage and serivce, God bless.

For all your real estate needs I'd be honored to assist.

Tony Lara
Licensed Real Estate Salesperson
Charles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 x 435 (tel)
0 votes Thank Flag Link Thu Feb 7, 2013
This post was a great find and I just wanted to thank all those people who posted answers and resources. If possible, does anyone have any recommendations on a broker who has VA experience here in NY for a co-op? I apologize if I'm posting in the wrong place. If so, you can email me at valoanbuyer@gmail.com
0 votes Thank Flag Link Thu Jan 24, 2013
I don't know if you are going to find any. Coops require conventional financing which most people understands requires a 20% down payment . You can.however, (if you meet the criteria) get a conventional mortgage with only 5% down but if the management company for the coop requires a 20% down payment, you're out of luck as they have the final say with accepting you into their community so be careful.
0 votes Thank Flag Link Thu Apr 5, 2012
If you have good credit and income to qualify, we will arrange the best loan you can think of. We are a wholesale broker. As such, we get the wholesale rates as opposed to retail rates. Call us in confidence for a free consultation.
Regards
Dula Amarasinghe, MBA, NMLS #9959
ASEAN CAPITAL INC.
PHONE: 631-447-6533
0 votes Thank Flag Link Wed Apr 4, 2012
Why do you want to go VA? VA is usually used for buyers who do not want to put any money down. Cooperatives do not allow 100% financing. I personally would not buy any coop that requires less then 20% down. At 20% down you qualify for conventional mortgages. That means no insurance or a funding fee. Rethink what you want., then go to a mortgage officer at a lender that knows what they are doing.
0 votes Thank Flag Link Wed Oct 27, 2010
Hi Nia. And thank you for your service to this great country. Unfortunately, VA loans are not an option for financing for a coop. Additionally, coops are attractive in that they offer you much lower closing costs than buying a condo in NY, however coops have their own maximum financing limitations allowable per building. Usually 20% down is the minimal downpayment unless you were buying a sponsor coop. So, to be safe I would suggest planning on at least 20% downpayment realistically in order to finance the remainder of the coop purchase.
0 votes Thank Flag Link Thu Oct 21, 2010
Hello, you can actually go to your bank or to a mortgage company and get real answers to your question that a licensed mortgage rep should answer.

Rhonda Holt
Weichert Realtors-H.P Greenfield
646-725-5941
Web Reference: http://www.RhondaHolt.com
0 votes Thank Flag Link Tue Jun 15, 2010
Nia, one of the reasons that people use VA loans is that they offer 100% financing. If this is what you are looking for, I would say that you have to check with the co-op, because they generally have financing requirements of their own in terms of money down.
0 votes Thank Flag Link Sun Jun 13, 2010
I'd like to start by saying thank you to the both of you for your service. My brother is career Army and he’s currently servicing, just returned from a tour in Iraq. Regarding your question I’d direct your attention to Patricia Lavigne of Manhattan Mortgage. She’s at plavigne@manhattanmortgage.com or 854-234-5472, she should be able to shed light on your situation. Feel free to contact if you have any questions or if I may be of service.

Tony Lara
Charles Rutenberg Realty
tlara@crrnyc.com
0 votes Thank Flag Link Sun Jun 13, 2010
@Nyhfa: I think you are mistaken about VA loans and coops. See either of the following links. If I am missing something, please let me know:



http://www.veteranstoday.com/2008/03/05/new-york-city-vetera…
0 votes Thank Flag Link Wed May 26, 2010
VA does NOT offer guarantee on Coop financing, only on VA approved condo projects, sfr, multy (2-4) and manufactured (some restrictions) owner occupied properties.
We are direct VA, FHA, FHA 203k, USDA and conventional lender
Tks
Leonard Volodarsky
917-415-1209
0 votes Thank Flag Link Wed May 26, 2010
We do at Continental Home Loans Inc.
Call me at 516-993-4998 or email at chriscmps@gmail.com.
Chris L. Christie, Certified Mortgage Planning Specialist.
0 votes Thank Flag Link Wed May 26, 2010
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