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April 5, 2009
I am looking 90% financing
Hello
I will need some advice and recommendation. I found a coop for sale in queens that the board will take 10% downpayment.
My question right now is, which bank should I go to that will be willing to approved my 90% loan.
My credit score is at the mid 700s.
My salary is about 110k a year.
I have a total credit card debt of 6K.
No other bills.
Any kind of recommendation and advice will help.
Comments
A few pieces of advice:
> clear the credit card debt
> call the bank you have your check/savings/credit cards with. Your pre-existing relationship with them might help in getting you the 90%
> call mortgage brokers like Manhattan Mortgage or Positive Mortgage, and any/all banks/Lendingtree.com/etc. The only way to know is to call.
Anything people on here say is speculative. The only way for you to know what you specifically can get, and from whom, is to do the legwork yourself and call around.
Good luck
Posted by: christopher at April 6, 2009 10:55 AM
You shouldn't have too much trouble with the bank. More like the private mortgage insurance company. Since it's a coop, make sure you go through one of the banks who do coop lending, such as Chase or Citibank. I have also found Manhattan Mortgage to be useful for coop financing.
It's a good idea to get a mortgage and a PMI contingency in your contract. I haven't heard of too many people with good credit, etc., unable to get a mortgage. But I have heard of a few with a mortgage who couldn't get PMI. They were already in contract and couldn't close. They risked losing their deposit.
Is the building Laburnum Court by any chance?
Posted by: mopar at April 6, 2009 12:45 PM
no bank is doing co-op loans with less than 80% financing. talk to a broker to see if that has changed, but as someone who is trying to sell my co-op (my building also takes 90% financing), it's been an uphill battle.
Posted by: wishinone at April 6, 2009 2:26 PM
Certainly 90% financing on coops and condos have been tough because of PMI. But Im seeing lots of 85% approvals.
sunny_hon@countrywide.com
Posted by: shong1 at April 6, 2009 11:31 PM
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