Financing in Clifton>Question Details

Linda Wilkins, Other/Just Looking in Brooklyn, NY

I have my tax return in the bank I want to borrow $150000.00 frm my bank for a coop purchase. Can I?

Asked by Linda Wilkins, Brooklyn, NY Thu Mar 20, 2008

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It depends on your credit and a lot of other things. I can recommend a mortgage professional to work with; contact me offline at and I will be happy to make the recommendation.
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2 votes Thank Flag Link Thu Mar 20, 2008
cheaper next year


good luck
1 vote Thank Flag Link Tue Apr 1, 2008
These days Credit counts more than ever. Several banks are tightening their ratios and not "giving away" mortgages anymore. With good credit and a decent down payment you can have your pick of the litter. It's a buyers market now and sellers are more willing to negotiate.
1 vote Thank Flag Link Mon Mar 31, 2008
Depending on the amount of the tax return and the total price of the co-op. Let me know if i can help, i am a Reator here on Staten Island. You can follow the link below.
1 vote Thank Flag Link Thu Mar 20, 2008
Hi Linda,

I would suggest that you speak to a mortgage professional. Many lenders require that your closing costs or down payment be (seasoned) in the account for three months or longer.
I regard to a Coop purchase, many times they have restrictions and down payment requirements. Some require 20% or a 30% down payment and mortgage reserves. They are all not the same they have different requirements and restrictions.

Arlene Trunzo, CRS,GRI,SRES / Broker Owner
(BCREP) Board certified
718-317-0949 0R 917-359-1985
0 votes Thank Flag Link Sun Jun 29, 2008
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