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Borrowing on co-op housing is a bit more difficult because many lending institutions do not loan on this type of housing. You should contact your local bank, and if unsuccessful, contact a bank near where the housing is located. Adding: All above is correct. Co-Op lending are different in many ways than mortgages on "fee simple" real estate. Lending on Co Ops is normally done through local and specialized institutions. It is a very good idea to ask the Co Op manager which lenders in the area have been doing so - if it is a new conversion, the developer/conversion brokers will have made arrangements with someone.

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โˆ™ 2006-04-02 00:58:58
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Q: How can you get a first time loan for a co-op house?
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Related questions

If you are married can you apply for a first time home buyers loan if your spouse owns home?

Yes, if you are not on the current loan and will be the primary borrower on the new loan you may qualify as a first time home buyer.

What is first time new buyer home loan?

A first-time New Home Buyer Loan is a loan for those Who are Looking at Purchasing New Home First Time. if you are one of them then you need to do a lot of paperwork to buy a home and it can be a stressful experience for you. if you need any assistance with that then you can contact me. I will help you to select the right option that best suits you.

Does one have to be a first time home buyer to qualify for an FHA loan?

No, you do not have to be a first time homebuyer to qualify for an FHA loan; however, a first time home buyer is often better suited for a FHA loan as the government insures the loan which gives the buyer a lower interest rate and a lower down payment requirement. You can read more about FHA loans here: Yes, you must be a first time home buyer to qualify for an FHA loan. FHA loans are designed to help first time home buyers to afford their purchase.

Can a person take out a loan if is it their first time?

Yes, everyone has a first time. Just provide the information asked of you.

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Yes they offer the Christmas loan because I went there for the first time and got a loan.

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Would you be considered a first time home buyer if you purchased and then divorced?

NO. A first time means just that. The purchase of a house is your first time purchasing a house.

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If you are willing to buy a house, you will have to get the loan. Furthermore, my father all the time uses a student loan, which seems to be really reliable.

Which banks can be more flexible for a first time loan?

There are several banks which are able to be more flexible for a first time loan. However, it is recommended that one should check out at the website standardbank to have general information beforehand.

Is an FHA loan a type of government mortgage assistance?

Yes, an FHA loan is a special program for first time home-buyers. It offers you a first time home buyer credit and is a form of government assistance.

What type of loan is an FHA 203k?

A FHA 203K loan is generally associated with home owning and first time purchases. These were introduced by the government in an attempt to reduce the amount of risk associated with a first time buy. This loan is specialist to the areas of damaged or dilapidated buildings. The loan covers the total value of the house and the cost for repairs. In order to qualify the home owners must plan to live in the home after the structural rework. They must keep the original foundations the house must also be over a year old. Also to qualify the house must be family inhabited with 1-4 families residing. There are specific guidelines in which repairs qualify for some of which include: disability accsess, plumbing, roofing and flooring.

What should a first time home buyer look for in a mortgage loan?

The most important thing that a first time home buyer should look for in a mortgage loan is that it works for the person who is getting the loan. It's always smart to ensure that it's a reasonable amount and time, in order to fully pay off the mortgage when planned.

How would you go about getting a equity loan?

The best place to start is going to the bank that holds the mortgage to your house and talking to a loan specialist. They go by the worth of your house versus how much you still owe. They use these figures to determine how much equity you have in the house. Aside from that they run extensive credit checks to ensure that you will pay your loan payments on time and in full.

How are fha loans better than others?

The great thing about fda loans are that they allow you to buy a house with a low down payment. This is why first time buyers enjoy this loan over others.

How can you remortgage your house with bad credit?

First off, you should contact your lender and talk with them about refinancing options, or loan modifications. Also, try to improve your credit by being on time and not late on bills.

What if I'm renting to own the property Will I be able to qualify for first time owner loan?

I'm sure you need to mortage the house or pay cash plus it's only a tax break.

Where can one get a loan for first time home buyers?

First time home buyers have many options when seeking a home loan. Some online resources include Quicken Loans, VA Mortgage Center, Realtor, and HUD.

What will rise my credit score?

A credit card, a small loan, do not take a big loan out your time cause it will take time to pay it back an if u miss one payment it will hurt I done that on my first loan and it almost messed me up

Can you get a business loan if you work part time and have bad credit and do not own or rent a house?

I don't think so.

What Type of House Financing Should You Choose?

Financing a home is a big step that comes with big decisions. One of the first decisions you will have to make is what type of house financing you want. In other words, which loan will you choose? The most popular type of loan in a fixed rate loan. With this type of loan your interest rate stays the same for the entire time you have the loan. This is good because you can anticipate how much your payments will be, as they should remain relatively stable. If a fixed rate doesn't sound right for you, there are other types of home financing you can explore.

What is the best type of home loan mortgage for a first time buyer?

The best home loan mortgage for the first time buyer can vary depending on the buyer's current job, financial stability, and other factors. Some recommended home loan mortgages include Wells Fargo and US Bank.

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If you want to buy a house, you will have to receive the loan. Furthermore, my mother all the time utilizes a credit loan, which supposes to be really reliable.

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