I heard that you cant use the nothing down or 3% mortgages on a co-op purchase. Is this true I live in NY. WOuld I hav eto put down 10% no matter what. Also FYI Most one bedroom co-op go for atleast $130,000, and 10% of that is 13,000 and the HUD and FHA mortgage and program say that they can only give you 3% or 5,000 down.
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the best possible home loan is going to depend on your credit. i want to suggest that you speak with your local banks…they know you the best, and they are local -in case you need them in the future.
I am sure you are aware of the large amount of foreclosures across the nation. This lends itself to the way that banks and lenders are now doing business. The days of nothing or very little down are almost gone. You will need to come up with a min of 20% down and stick with a 30 years fixed no prepay penalty loan.
Do not accept or get into any creative financing or ARMs (adjustable Rate Mortgages)…these loans have a high failure rate to foreclosures.
stick with your local banks…good luck on your purchase
Go to a mortgage company in NY and ask. They’ll know.
I have done 5% down co-op loans.
Many lenders loan on co-ops on the NY, NJ area. Talk to several brokers and ask.
For a specific lender, I have brokered loans to National Cooperative Bank (www.ncb.com). I don’t work there.
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