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Co Ops

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Icon Mini Profile bthahir





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Post Posted: Fri Jan 25, 2008 9:18 am    Post subject: Co Ops
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Is it possible to get mortgage loan for a co operative homes?
Icon Mini Profile gmakerley
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Post Posted: Fri Jan 25, 2008 9:32 am    Post subject:
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you may find cooperative financing through that nebulous market formerly known as sub-prime. bear in mind, though, that rates for those loans are not always awful - you would likely run into prepayment penalties, etc., but those have no impact if you hold on to the property long enough.
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Icon Mini Profile lisascherzer



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Post Posted: Sat Jan 26, 2008 11:44 pm    Post subject:
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I do know of a few conforming lenders that still offer financing on co-ops. The rates are a tad higher but you should still be able to get into the 5's on a fixed rate mortgage.
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Post Posted: Tue Jan 29, 2008 2:23 pm    Post subject: Coop Loans
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I'm in the process of securing financing on a new coop.

Try national consumer cooperative bank.

comparable rates (not sub-prime).

Lenders like wamu, wells fargo, citibank, do coop loans.. I just threw wamu away because they tightened their rules (minimum 10% down, revolving credit debt (monthly payment) is calculated at 4-5% instead of just the minimum due. all of that crap and i have a 732 score!! pfthh
Icon Mini Profile jameshogg
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Post Posted: Wed Jan 30, 2008 12:13 am    Post subject: RE:
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Hi JM,

Welcome to forums.

You have a pretty good score I must say. Are you getting the finance from national consumer co-operative bank?

Bthahir, you can check out with some of the lenders in our community too. By the way, in which state do you reside?
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