Hi everyone - OP here. Thanks for the responses. Referrals, of course!

Here is my attorney's name and number. He was fantastic and really made this process go smoothly. I won't go into all the nonsense that transpired waiting for this thing to close, but he stayed on top of this process for 7 months with professionalism, responsiveness and a patience (with my questions as a first-time buyer):

Lawrence Gerson [lgersonesq at aol.com]. I recommend him 100%.

Posted by: intersloper at September 5, 2009 7:54 AM in response to Gift for Great Attorneys?

thanks!

Posted by: intersloper at April 4, 2009 7:03 AM in response to Throwing away large items

You can get a loan for 90% (10% down payment) if you have an excellent credit score (excellent = above 730, I think) and your mortgage payment stays within .28 of your monthly gross income and your total recurring monthly debts (including the mortgage) stays withing .36 of your monthly gross income.

So if you are vetting buyers, if they can substantiate those numbers, that should be enough (though I am unsure if buyers are required to disclose any of this to anyone but a mortgage lender.

I know this because I just got a 90% mortgage.

Posted by: intersloper at March 10, 2009 10:41 PM in response to Possible to only put 10% down?

I'm ecstatic this development showed up...new one-bedroom condos of quality at a decent price in prime fort greene are impossible to come by. Cumberland is right in the heart of things and still very close to all the subways, and this building is very pretty (I agree, it looks better in person than in the picture). I've seen many of the units and the cheaper ones are small, but they have really amazing light and windows.

The Sanctuary next door (which I've also been inside of) has nice enough units, if some bizarre layouts, but mostly I rejected them because the prices are way out of my range.

181 Clermont has something schlocky about it and the cheap units are dark.

I like the sensibility of 96 Rockwell, but the agent there was so obnoxious and grating that I vowed never to go back.

When i saw these I knew immediately (after years of looking) that this was something worth the asking price.

Posted by: intersloper at March 5, 2009 11:03 PM in response to Checking In On The Classic Modern

We are selling our unit as well, and even though our building accepts 10% down, our realtor told us that no one is getting 90% financing in this lending climate, and to say we require 20% on the listing to avoid the hassle of your same experience. My conversations with mortgage brokers confirm this - that for 4 unit co-op buildings ESPECIALLY, no bank is allowing 90% financing. I find this ironic since we put down 10%, but it was a very different time.

Intersloper, was your deal for a co-op in a small building? This seems to be the crux of the issue, from my understanding. Also curious about your deal for personal reasons: we are unlikely to come out of our deal with more than 10% down for our next place.

Posted by: wishinone at March 11, 2009 6:34 AM in response to Possible to only put 10% down?

I assume your first buyer wasn't pre-approved for a mortgage? Why not allow 10% down but require pre-approval to save your time?

Posted by: alsawo at March 11, 2009 9:15 AM in response to Possible to only put 10% down?

I'm curious about the matter of it depending what the co-op requires... I have a coop in Manhattan for sale now, and we had a buyer (at a good price, right before the market crashed...) who only had 10% down but who had very solid income (cardiologist just finished with residency, just recently started making good money). Our co-op board said their 20% was just a guideline and that they'd consider them, but ultimately the buyer had two different mortgage brokers tell them that if what was on the books (in the offering plan) said 20%, no bank would finance them for 90%... so they didn't go through with it, didn't want to lose the months and the steep application fees, etc... Anyone ever heard of THAT?

Posted by: tanner at March 11, 2009 9:46 AM in response to Possible to only put 10% down?

Even banks who will do 90% financing for a single family home are much less likely to do it for a co-op.

Co-ops are very specific to the NYC market (and maybe Cali) and the banks are largely nationalized now (fewer local banks), so they are not looking to write mortgages outside the "norm" on two different metrics (lower down payment and uncommon type of residence).

Posted by: setancre at March 11, 2009 11:27 AM in response to Possible to only put 10% down?

My mortgage broker says the rules are constantly changing and uncertain and there is no way to know right now whether or not a buyer will be able to get PMI ahead of time. It depends on so many things: The credit score of the buyer, the type of property and its condition, the location of the property, the whim of the insurance company. There is no hard-and-fast rule at the moment.

Posted by: mopar at March 11, 2009 12:20 PM in response to Possible to only put 10% down?

Other posters, the issue is not the lender. The issue is the insurance company. Two different things.

Posted by: mopar at March 11, 2009 12:21 PM in response to Possible to only put 10% down?

"Other posters, the issue is not the lender. The issue is the insurance company. Two different things.

Posted by: mopar at March 11, 2009 12:21 PM"

True, but aren't they related? I'm sure it would be easier all around, in this climate, for a buyer with 20% down to get all the proper financing and insurance. One follows the other, right?

Posted by: christopher at March 11, 2009 1:39 PM in response to Possible to only put 10% down?

Christopher, if the buyer has 20 percent down, the buyer doesn't need private mortgage insurance.

What has been happening recently is that lenders are sometimes willing to give out mortgages with 90 percent financing, and the buyers get commitment letters, but sometimes the insurance companies won't insure the mortgages, so then the lender waits for the insurance that never comes, and the deal can't close.

Posted by: mopar at March 12, 2009 5:41 PM in response to Possible to only put 10% down?

mopar -- that's exactly what happened to us with our first buyer. She was pre-approved, the bank closed the loan file, and then she was unable to get PMI. (not to say that there weren't many, many other issues along the way. the bank made crazy demands on our building like increasing fidelity bond coverage, completely changing the building's insurance carrier, etc, etc. After months of drama, the deal collapsed because of PMI.)

Posted by: jxc187 at March 12, 2009 7:17 PM in response to Possible to only put 10% down?

Oh my god, jxc187, that is absolutely out of control. You should tell your story to the NYT real estate section (or something). That is a nightmare.

Posted by: mopar at March 12, 2009 11:31 PM in response to Possible to only put 10% down?