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bthahir · Joined: 05 Sep 2007 Posts: 36 13.34 Dollars($)

Is it possible to get mortgage loan for a co operative homes?

gmakerley · Posted: Fri Jan 25, 2008 9:32 am Post subject:

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.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

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.

Guest

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

jameshogg · Posted: Wed Jan 30, 2008 12:13 am Post subject: RE:

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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