Bank of America Home Loans

Hi Sunny, are they doing 90/10 loans with full docs?

No more 90/10s.

Here is our lending guidelines today:
85% financing up to $625,500 (soon to be $729,750)
80% financing up to $1.5M
75% financing up to $3M

I am buying a small 1 bedroom Manhattan co-op apartment under $400,000. Is Bank of America offering no points down 30-year fixed rate mortgages for co-ops and what is mortgage rate as of April 27 for excellent credit (FICO 750+). I do not want to pay any upfront points so I want to see the rates with NO points.

Columbus:

ING is offering 4.5% mortgage loans for good credit applicants. They don't care what percent you are putting down. If you qualify, there are no points, there must be a final certificate of occupancy (in case you are buying new construction, and they don't care what percent is sold). The only caveat is that you can't ever take a second mortgage out on the property under their loan. There are no points or other hidden fees as far as I could tell.

ING Direct does not loan to co-ops. I agree that they are the best for condos.
You are mistaken about ING Direct not requiring a minimum equity threshold: their maximum CLTV is 80%; for loan sizes above $750K, they require even more; and for their Easy Orange mortgage the maximum CLTV is 75%. Read more here: http://tinyurl.com/c8m4p4

Columbus:

I'm not sure of your dealings with ING,although it sounds like you are informed, but this person is asking about an apartment that is asking $400,000 - well below the $750,000 that you mention. In my dealings with ING, co-op or condo, they have told me that with my credit rating, in line with Columbus', they are willing to lend regardless of the down payment.

Chimpwolf,

1) ING Direct's maximum LTV is 75%; that means you have to put 25% down.

"What's the minimum amount I need for a down payment?
To purchase a primary residence (the one you live in) you'll need at least 25% down to get our best rates. For a vacation home you'll need at least 30% down. Sometimes it's better to get a home equity than to pay a higher rate on the entire loan amount, but our Mortgage Associates can help you decide which is best for you. The Orange Home Equity is not available when financing a second home."

2) They do not lend to co-ops.

"What type of property can I finance?
ING DIRECT will help you get a mortgage for owner occupied properties (your primary residence) and vacation homes. These include single family homes and condominiums/town homes. We cannot consider applications for leaseholds, investment properties (rentals), mobile or manufactured homes, log homes, dwellings with two or more units, condotels, co-ops, timeshares, properties greater than 10 acres, unimproved land, or trust-owned properties not held in a family trust."

columbus - if you email me Ill be glad to respond with a rate. Please let me know how much youre looking to put as a down payment. Thanks.