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The same holds true for credit scores as long as you are 680+. A 680 score will get you the same rate as a 800 (once again assuming a standard conventional conforming full doc.....).
Oh i'm way past 680 right now. unfortunately, i've been trying to get it higher FOR NOTHING!!!
As far as a rate goes, I found a lender NCB (national consumer cooperative bank) and the rate quote I received with my specifics for a coop was 6.00
It sucks that i've worked so hard to build up great credit but due to the nature of the security (a coop apartment) i have to pay more on the rate.
Coop apartments in NYC are so common, even hard to get in!
I have never worked with a co-op. I do know they carry their own set of guidelines when it comes to financing. I think NYC is one of the few places the secondary mortgage market will lend on a co-op.
geebus man.... thats more than the 4% i complained about with wamu.
I have about 15K in revolving debt with minimum payments totaling $300
at 5% thats a whopping $750!!
the insanity!
If the payment is on your credit report, or if you have it on your statement, you are covered and they can not use the 4% because you have proof of payment....the 4 or 5% is only used when there is no proof of payment
If your monthly debt load is 300 - show your lender and you are golden
pp $180,000+-
loan amount $171,000 or $162,000 depending on whether i do 5% or 10% down (wamu's minimum was 10%, some coop boards want much more but i'm targeting sponsor sales- no minimum, no board interview, minimal hassle)
I'm also willing to pay more on the rate provided i can get LPMI (at least i can right off the interest as opposed to regular PMI)
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Like i stated in other thread
