Financing a non-primary residence coop purchase
Started by ananaj
about 13 years ago
Posts: 20
Member since: Feb 2008
Discussion about
Hi all, Has anyone been able to get bank financing to buy a unit in a Manhattan coop which in the eyes of the lenders is a secondary residence. It seems banks/investors have limited interest in financing what would be construed an investment property (not the case here)in a coop given FHA guidelines. We know the Board well (lived there previously) and believe they would not have an issue with the purchase. It is more of a lending conundrum. I recognize that the mortgage rate would be higher. Just wondering if anyone has done this successfully. Thank you for the feedback. Ananaj
Emigrant Mortgage did those loans at 50% loan to value years ago. An officer there
named Bob was very helpful when we spoke