best nyc local credit union for mortgage services (insurance, loan officer, interest rate)
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do local credit unions usually beat larger lender like Citibank for first time buyers with good credit?
I have a 760+ credit score, 60k annual salary (avg for nyc), career changer so limited work experience and 20k in student debt (approx 200 a month). Any input on which large lender to consider if any at all? I've had a BofA checking/saving account for 15yrs but feel they aren't thought of highly for mortgages.
I read about SONYA programs (special FHA for first time homebuyers- condos/homes).
Citibank, M&T, Freedom Mortgage, Astoria Bank, Loan Depot. I'm likely going to be buying a coop because my DTI will not allow for me to get a condo putting 3-5% down on a condo seems worse than apartment share room rental. I've seen a few different credit unions on acris. I'm not sure I should go with Citibank or try a smaller lender.
You first need to find out if you are eligible to become a member of a "Credit Union." To my knowledge these financial institutions are for certain work groups (i.e., city, state or federal workers or perhaps those in certain unions or other fields of employ).
They don't operate like banks do so that you can just walk right in and open an account. With that said you might need to be a banker (member) to be offered these perks. The only Credit Union in NYC that I'm familiar with is Municipal Credit Union. Most people who belong to this Credit Union work for the city, state or something.
There are many NYC credit unions that are open access, meaning anyone may join provided they join a supporting charity organization.
You are a perfect candidate for Fannie HomeReady. But for a co-op, you need to put 5% down. HomeReady, like SONYA, is income capped, but at 60K you should be fine, I think most of the income caps I've seen in Manhatten and LIC were in the low 80's. HomeReady allows you to get reduced interest rates, with reduced mortgage insurance. Your biggest challenge will be finding someone familiar with the program, they've been focusing on higher priced real estate. But with your scores, you will see multiple benefits.
Read up on the program yourself or a quick search on CD should bring up my prior posts. Here is Fannie's webpage.....much of it is for the mortgage professional, but I think there's much to be gained here......on the right hand side DO click on the Lookup Tool" and type in random NYC addresses and the max income will come up at the top of the page.
After reading, find a loan officer (and Realtor) better educated in the program than you. (in other words, if they cannot answer your basic questions about the program - or any program for that matter - after you've read up, keep looking).
Thanks for the responses I'm going to look into the Fannie HomeReady program. I feel like prices are rising so quickly that I might pass on studios in a lesson desirable area if something happens and the contract falls through months later I'm stuck anyway. I don't think I can afford a condo but I guess I'll see how things pan out
There are many NYC credit unions that are open access, meaning anyone may join provided they join a supporting charity organization.
You are a perfect candidate for Fannie HomeReady. But for a co-op, you need to put 5% down. HomeReady, like SONYA, is income capped, but at 60K you should be fine, I think most of the income caps I've seen in Manhatten and LIC were in the low 80's. HomeReady allows you to get reduced interest rates, with reduced mortgage insurance. Your biggest challenge will be finding someone familiar with the program, they've been focusing on higher priced real estate. But with your scores, you will see multiple benefits.
Read up on the program yourself or a quick search on CD should bring up my prior posts. Here is Fannie's webpage.....much of it is for the mortgage professional, but I think there's much to be gained here......on the right hand side DO click on the Lookup Tool" and type in random NYC addresses and the max income will come up at the top of the page.
After reading, find a loan officer (and Realtor) better educated in the program than you. (in other words, if they cannot answer your basic questions about the program - or any program for that matter - after you've read up, keep looking).
Thanks for sharing. I learned something new today. I never knew there were so many credit unions in the city.
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