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Im in the process of paper work in a Mitchell Lama Co-op in the bronx and was wonder where did anyone get the loan from? Its about $26,000 to purchase the shares. Thanks for any info.
I'm sorry, I can't help with loan info (a credit union?). But I was just placed on a Mitchell-Lama waitlist and I was wondering if you would share how long you were on the list for your coop?
my fico score is good. I just want to see how this differs from a condo or another coop. It being a Mitchell Lama program the amount to buy is way less than a normal place. Do banks in nyc have a special program for Mitchell Lama is what i really want to know, also what fees are involved?
But Mitchell Lama is a completely different animal than a regular city coop.
boricuany8, do you have a relationship with any financial institution? Since ML is limited equity, I can imagine that a loan/mortgage could be complicated. I would check with a local housing group for advice.
I do not think Mitchell-Lama allows borrowing for a "mortgage" type loan.
Of course, if you tap a relative or friend or even a couple credit cards who is to know.
I think most boards might look at it something like: "if during the 10 years you are on the waiting list you cannot save the $12,000 to buy in outright, then perhaps we dont want you as a shareholder."
All co-ops must try to determine whether you are financially savvy enough to be able to make the monthly maintenance payment...forever. Having saved some money is a good indicator of this savvy.
When you leave a ML co-op you get back what you put in plus farely sizeable increment based on some arcane measurement, involving several components. Rule of thumb is something like doubling every 10 years, VERY first approximation.
You really cannot lose your initial buy-in.
Im in the process of paper work in a Mitchell Lama Co-op in the bronx and was wonder where did anyone get the loan from? Its about $26,000 to purchase the shares. Thanks for any info.
would love to find out how did it work out for you. I am in this same process now, this came sooner then i expected!
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