Jhesky, Home Buyer in 11367

is it the same process to get a home loan for a coop as it is for a regular house loan?

Asked by Jhesky, 11367 Fri Nov 8, 2013

I wan to buy a coop($250,00) or condo but don't have a lot of $ for a down payment($17,000) but my wife and I have great stable jobs, make well over $100,00 and have excellent credit.

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Answers

3
Keep in mind that when purchasing a co-op, boards have their own financial requirements that must be met in order to be approved and each is different. Board downpayment requirements vary as well, most need 20% or more, however there are some that ask for 10%. If you haven't done so yet visit with any licensed loan officer, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
1 vote Thank Flag Link Sat Nov 9, 2013
I would recommend for you to speak with a loan officer, to better help us
understand the process. I can give a few bank for you to shop around and is
which works for you.
Fajardo Delacruz
347 932-0609
0 votes Thank Flag Link Sat Nov 9, 2013
1- We do not know any properties for sale at $250,00
2- no down payment ? no problem: start saving 1st
3. when ready willing able please call us back
0 votes Thank Flag Link Sat Nov 9, 2013
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