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Old 06-28-2008, 03:33 PM
 
Location: Troy, MI
143 posts, read 429,387 times
Reputation: 29

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What are the options available to finance a co-op? Years ago, when we liquidated my grandmother's estate, I thought the only option we had to sell her co-op, was for cash; which is what we did. Is this the case or can you get a conventional or VA kind of loan? Thanks
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Old 06-28-2008, 04:55 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,839,380 times
Reputation: 1008
There are a few lenders that do Co-op financing.

What state are you in?
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Old 06-28-2008, 06:14 PM
 
Location: Troy, MI
143 posts, read 429,387 times
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Michigan
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Old 06-28-2008, 06:24 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,839,380 times
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what is the current credit score, loan to value, DTI?
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Old 06-28-2008, 08:40 PM
 
Location: Troy, MI
143 posts, read 429,387 times
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Hi renriq02, thanks for responding ... this is for my brother in law so I had to call him. He's recovering from some financial difficulty but now has no debt but very little to put down, most likely 10%. I'm sorry, you'll have to tell me what DTI is.
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Old 06-28-2008, 08:41 PM
 
Location: Troy, MI
143 posts, read 429,387 times
Reputation: 29
Oops, Credit Score around 675
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Old 07-02-2008, 02:32 PM
 
392 posts, read 1,474,911 times
Reputation: 134
co-ops are tough unless you can show they are normal to the area (i.e., NYC). If you have a lot of co-op's in the area... try PHH Mortgage (they do loans for Century 21, Coldwell Banker, ERA, etc). They do co-op's in NYC and may consider it in MI. The co-op itself must be in good standing
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