Calling Sunny Hong

hi newbuyer - we do allow landleases in some cases but unfortunately, Bank of America cannot lend to this building because the coop corporation building is leased. sunny.hong@bankofamerica.com

Hello Newbuyer,

I'm a mortgage broker that has relations with many banks including Wells Fargo.Some banks have niche products and porfolio their loans, therefore they may be able do it.

Ellen Silverman
Registered Mortgage Broker
Licensed Real Estate Broker
Tel: 212-786-9682
www.esfunding.instantlender.com

Hello Sunny and/or Ellen:

Just wondering - for a fully well qualified buyer right now (liquid/no debt/solid credit/good FICO/etc.), approximately where are NYC coop (downtown/midtown) 30 year fixed rates floating around these days?

sunny - can you elaborate?

"because the coop corporation building is leased" - what exactly does this mean and why does it scare off lenders?

Ellen, do you know banks that would lend in this building?

Thanks.

Newbuyer-please email me and we can discuss.
Matsonjones - rates are around the mid-4's for a 30 year these days.

sunny is bofa still offering no income verification loans for self employed business owners? Are the rates higher for this type of loan?

No, we do not offer that type of program. We verify everything...income, assets, credit, etc.

but bofa offers stated loans I thought

BofA does not and has not for quite some time. The only time we won't check income is for current BofA customers who qualify for a streamline refinance through the Obama program.

sunny - I just emailed you. thanks again.