90/10 on a coop

Yes- In some instances banks can lend up to 90% on a coop project. However, this is subject to a co-op approval by the lender. Please feel free to contact me at stalebli@lyonsonline.com if you would like more information.

How big a loan?

it doesnt matter if a lender will finance a co-op at 90% if the board requires 20%, correct?

loan under 417k, board only requires 10%

Why do a 90/10? Isn't that the kind of loan that got people into trouble? Can you save a bit more for a larger deposit?

The board only requires 10% so I am trying to find out if I can get a 90/10. Simples!

The Wells Fargo office on Fifth Avenue seems to comfortable with the type of product you're looking for.

Wanderer, don't do a 90/10 ... you'll be locked into paying PMI until your equity reaches at least 25%, which in this market could take a considerable amount of time.

I'd recommend an 80/10/10 ... 80% first mortgage, 10% HELOC, 10% down payment. Initially, your total monthly payment will be higher, but you control how quickly you get rid of that "extra" payment by throwing every extra dollar at that HELOC until you get it paid off.

It's not so easy with getting rid of PMI. Even once you've reached 25% equity, you have to do through a whole song and dance to get the bank to sign off on it, including an appraisal.

(Not to insult your intelligence, but just in case you didn't know -- since I didn't at first -- "HELOC" means Home Equity Line Of Credit.)

Thanks Matt, I did not know what HELOC was shorthand for but I understand what a Home Equity Line Of Credit is :)

Current apt I bought was using a 80/10/10 then paid off the 10 as fast as I could. I did't know banks were still offering this, any ideas who might do it?

West, thanks I will look into well fargo as my mortgage person recently moved from chase to WF. I can get a 15/85 but am sure a 90/10 is out there somewhere.

"Current apt I bought was using a 80/10/10 then paid off the 10 as fast as I could. I did't know banks were still offering this, any ideas who might do it?"

Honestly, I've said this before and I'll say it again -- a good mortgage broker will find the right lender and loan for you. It's really not worth your time and effort to go it alone.

And no, I'm not a mortgage broker.