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You can IF the co-op has taken any federal money, like 236 funds. Then they must allow in residents of the United States. If only state mortgages, then they can limit to NYS residents.
There is a link somewhere that shows which have taken federal money but I do not have it at my fingertips. I know I have seen it.
Are the buy-ins really so low on Mitchell-Lama coops?
I've seen coops where the buy-in is $70,000. It's not unreasonable that a moderate income person doesn't have $70,000 lying around, and would need a loan/mortgage.
Mine was $13K in total.
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Are the buy-ins really so low on Mitchell-Lama coops?
I've seen coops where the buy-in is $70,000. It's not unreasonable that a moderate income person doesn't have $70,000 lying around, and would need a loan/mortgage.
Not all are really low. We paid for a 3 bdrm in Brooklyn $67,000. Since we got called in 1.5 years we only had have of that and took a co-op loan from Consumers Federal Union (credit union) but they only deal with Mitchell Lama developments for Kings Bay 1 and Kings Bay 2.
Does anyone know where to get a loan for Mitchell Lama apartments?
You can try your credit union or bank that offers personal loans. I got mine from Municipal Credit Union. Some Mitchell lamas work with banks that finance the apartment. I don't want to deal with that when I move to a bigger Mitchell lama apartment so I'm saving like crazy in anticipation of this.
Unfortunately low-equity Mitchell lamas are becoming less common because raising the price of equity is one of the few tools that cooperatives have to bring in lots of revenue without raising the carrying charge. Especially the cooperatives in manhattan and good outer borough neighborhoods where the waiting lists are always flush. NYC/NYS and HUD really need to come up with some kind of across the board mortgage. For instance East Midtown Plaza recently opened up a lottery for the waiting list and they were charging $50,000 for a studio/1bdr.
How would it work if you already own a co-op? It says you can't have another primary residence when you move in. So where am I going to live after I sell my co-op to pay for the ML apartment???
How would it work if you already own a co-op? It says you can't have another primary residence when you move in. So where am I going to live after I sell my co-op to pay for the ML apartment???
I think this only really means that if HUD air HPD audit you, you need to have your Mitchell lama address on your ID And be living there most of the year. It doesn't mean you can't own other property
I got a personal loan through a bank and paid it off early
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