Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am a real estate agent in Flushing NY. The coop that I have listings in is not able to get mortgages for my buyers. They have gone to Citibank and now Wells Fargo which they were refused. Trying Chase now. The problem is the coop has a waiver of fee option or flip tax that is more then 5% of the selling price. The coop attorney has written a letter saying that in case of foreclosure the bank would only have to pay 5% of the selling price. Any suggestions? I have one listing in contract and 3 more in the building
I sounds like you need to get away from the big banks and go with a smaller, local bank in the area. A credit union might work, but even a small local bank would be more willing to hold something in-house like a portfolio loan.
my daughter bought a co-op here in queens and ran in to some issues.
the appraisal came in lower than the price and the flip tax.
citi bank denied them. she ended up going with the chase but they required more of a down payment up fron't to account for the flip tax. they re-negotiated with the sellers and got an even better deal.
I'm buying a coop in Westchester and I'm concerned that the rate I have been quoted at the bank is high (APR is 4.9%) and that this may be because (a) it is a coop and (b) because I am only borrowing $52,000. Any thoughts?
Thanks, WW. Well, I'm not paying points, but I do think, stuck as I am somewhere back in the 1980s or earlier, that with a credit score of 787, and all else in good shape, I'm paying a lot to get this mortgage -- estimated due at the closing, payable to the bank -- $3800. This number came up in the GFE, and called "Settlement Charges."
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
