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Old 08-27-2020, 02:32 PM
 
1,399 posts, read 893,086 times
Reputation: 2018

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Where are you people getting your loans from? My building doesn't allow mortgages and it's about 55k which I don't have. My credit is perfect but the best I could do is a personal loan at 5%. I shopped around at credit unions and they're all 6.5% or more. Kind of a joke if you ask me. I'm sure there are better deals out there considering today's rates, hence the question.
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Old 08-27-2020, 03:27 PM
 
Location: Eric Forman's basement
4,783 posts, read 6,595,747 times
Reputation: 1996
Many families consider buying property to be a good thing, so they will gift or lend money for down payments and/or purchases. I have always envied these people! I got nothing.

If you are talking Mitchell Lama, you can check out the Hebrew Free Loan Society. I have no first-hand knowledge, but you don't have to be Jewish to qualify. You can get up to $30,000 interest free, as the name implies. I've posted the link below. If you find out anything, can you please report back? I would love to know something definitive.

Also ask the co-op management company for leads. I'm sure you're not the first person to ask! Bottom line is that you may have to take out a personal loan. Just try to pay it off quickly.

For those of us who remember 14% mortgage interest rates back in the 1980s, 5% doesn't sound so bad. You have to look at what you'll be saving in housing costs over the years to come.

https://hfls.org/loan-programs/housing/
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Old 08-27-2020, 04:30 PM
 
1,399 posts, read 893,086 times
Reputation: 2018
The Hebrew loan society needs two guarantors of which I unfortunately have none.
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