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Here is a question that hasn't come up to my knowledge:
Is it possible to take a 30 yr mortgage for an apartment or does Penn South only allow 10 or 15 yr?
I can answer this since I'm exploring lenders now!
Penn South Credit Union (I believe) only offers 10 or 15 year mortgages. But from what I hear they are super hard to get in touch with and I don't love those terms so I haven't even tried.
American Broadcast Credit Union offers 5/1 ARMS up to 30 years for Penn South, but you have to be a member of the credit union. It's super easy to become a member and they will give you those steps when you reach out.
UHAB will give you 30 year fixed rate for Penn South, but there is an income max to borrow from them. It's currently a gross total income of $79,440 and they are pretty strict. I'm slightly over that and cannot borrow from them.
Neighborhood Housing Services of New York City will do a 30 year fixed rate (or less if you want one) and the do not have income restrictions as long as you meet Penn South's income requirements. You do have to take a First Time Homebuyers course before moving forward with them, but after that it seems pretty straight forward.
National Cooperative Bank (I found this one on my own, it was not included in what I was given from Penn South) will give you any kind of mortgage you want. 15 to 30 year fixed, ARMS, etc. They last gave a mortgage to Penn South in 2021 so have to re-review the Coop before they can confirm if they can still lend to Penn South (I'm sure they can since I doubt much has changed since 2021) However, they do require a 720+ credit score, 43% DTI or less, 20% downpayment (Penn South requires 25% downpayment regardless), and 6 months worth of mortgage and maintenance in reserve which can be in retirement accounts.
I can answer this since I'm exploring lenders now!
Penn South Credit Union (I believe) only offers 10 or 15 year mortgages. But from what I hear they are super hard to get in touch with and I don't love those terms so I haven't even tried.
American Broadcast Credit Union offers 5/1 ARMS up to 30 years for Penn South, but you have to be a member of the credit union. It's super easy to become a member and they will give you those steps when you reach out.
UHAB will give you 30 year fixed rate for Penn South, but there is an income max to borrow from them. It's currently a gross total income of $79,440 and they are pretty strict. I'm slightly over that and cannot borrow from them.
Neighborhood Housing Services of New York City will do a 30 year fixed rate (or less if you want one) and the do not have income restrictions as long as you meet Penn South's income requirements. You do have to take a First Time Homebuyers course before moving forward with them, but after that it seems pretty straight forward.
National Cooperative Bank (I found this one on my own, it was not included in what I was given from Penn South) will give you any kind of mortgage you want. 15 to 30 year fixed, ARMS, etc. They last gave a mortgage to Penn South in 2021 so have to re-review the Coop before they can confirm if they can still lend to Penn South (I'm sure they can since I doubt much has changed since 2021) However, they do require a 720+ credit score, 43% DTI or less, 20% downpayment (Penn South requires 25% downpayment regardless), and 6 months worth of mortgage and maintenance in reserve which can be in retirement accounts.
Hope that helps!
Thank you for this information! Any idea if you can use a down payment assistance program, like the “Home First†Program?
Thank you for this information! Any idea if you can use a down payment assistance program, like the “Home First†Program?
I don't know honestly. I have the downpayment so I didn't ask, but my instinct would be no? They are very clear that you can only finance 75% of the overall costs, but maybe a Home First program isn't considered financing? Someone else in this forum may have a better answer than me.
I don't know honestly. I have the downpayment so I didn't ask, but my instinct would be no? They are very clear that you can only finance 75% of the overall costs, but maybe a Home First program isn't considered financing? Someone else in this forum may have a better answer than me.
Home First gives 100k forgivable loan, I don’t think you have to make any payments on it so not sure if that is considered financing.
I can answer this since I'm exploring lenders now!
Penn South Credit Union (I believe) only offers 10 or 15 year mortgages. But from what I hear they are super hard to get in touch with and I don't love those terms so I haven't even tried.
American Broadcast Credit Union offers 5/1 ARMS up to 30 years for Penn South, but you have to be a member of the credit union. It's super easy to become a member and they will give you those steps when you reach out.
UHAB will give you 30 year fixed rate for Penn South, but there is an income max to borrow from them. It's currently a gross total income of $79,440 and they are pretty strict. I'm slightly over that and cannot borrow from them.
Neighborhood Housing Services of New York City will do a 30 year fixed rate (or less if you want one) and the do not have income restrictions as long as you meet Penn South's income requirements. You do have to take a First Time Homebuyers course before moving forward with them, but after that it seems pretty straight forward.
National Cooperative Bank (I found this one on my own, it was not included in what I was given from Penn South) will give you any kind of mortgage you want. 15 to 30 year fixed, ARMS, etc. They last gave a mortgage to Penn South in 2021 so have to re-review the Coop before they can confirm if they can still lend to Penn South (I'm sure they can since I doubt much has changed since 2021) However, they do require a 720+ credit score, 43% DTI or less, 20% downpayment (Penn South requires 25% downpayment regardless), and 6 months worth of mortgage and maintenance in reserve which can be in retirement accounts.
Hope that helps!
That is way more information than I was expecting!Thank you for being so helpful and organized with the info.
That is way more information than I was expecting!Thank you for being so helpful and organized with the info.
I've been reading this board since early 2020 (and the previous 2014 thread) and it has been SO helpful in preparing me for when my number was finally called. I'm happy to contribute and pay some of the goodwill forward!
It seems like Penn South Federal Credit Union only has part-time workers. Their office hour is very limited. My case is only about 3 hours each on Wed and Sunday.
Last edited by curiousm423; 02-12-2024 at 12:17 PM..
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