I live in a COOP apt. I am paying the mortgage to the owner.The balance is small and the interest is high.I when to the bank to get a loan and was

Asked by Waiting For The Answer, Brooklyn Heights, Brooklyn, NY Sun Feb 7, 2010

turn down because the mortgage did not have a fannie mae backing or investors. what bank will give a small loan?

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Rhonda Holt’s answer
Rhonda Holt, Agent, New York, NY
Fri Feb 12, 2010
Hello, I have experienced this with some of my buyers that need a small loan. Most banks would rather you take out a personal loan instead of a mortgage loan. Just do some research and I'm sure someone will be able to help you.
Web Reference:  http://www.KandHhomes.com
0 votes
Investment M…, , New York County, NY
Mon Feb 8, 2010
If you have been paying the loan for any lenght of time, the term used for that is seaoned loan. If you have the receipts, paid them on time for an extended period of time then that should be sufficient for most banks to give you a loan. This is if you have a steady period of employment, reasonable debt without late payments and that there is equity in the coop. Have you recently checked your credit score to see what may have caused the refusal?
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Feb 8, 2010
Management should be able to tell you what banks will do such a loan--inquire with them first and save yourself some time--or contact any mortgage broker(s).
0 votes
Charles D'Al…, Agent, Brooklyn, NY
Mon Feb 8, 2010
Good morning, You may want to go to the coop management to find out what banks may have given loans to the development.
0 votes
Mike B, , Raritan, NJ
Sun Feb 7, 2010
We lend on some co-ops. What is the name and address of your co-op?

What is the balance and rate you are paying currently? It depends on what your actual balance and rate is to see if refinancing makes sense as well.

Thank you

Michael Byrne
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