Heres the deal: The buyer has no credit cards or credit card debt which translates to having no credit history. He has good, unionized job, and 20% to put down on the place. However, the banks do not want to approve someone for a Co-op without a cedit score but if it was for a house or condo they would.
I don't understand that if it's the same concept.
Is there anyone out there who works at a bank that would be able to help???
RitasEngaged
Posted:
Member since
Re: Mortgage question-Please Help
I am in the middle of getting a mortgage now for a co-op.
Maybe it is because of the co-op board
To be honest I am surprised he would be able to get any mortgage for anything at all
msabla1
Posted:
Member since
Re: Mortgage question-Please Help
Posted by RitasEngaged
I am in the middle of getting a mortgage now for a co-op.
Maybe it is because of the co-op board
To be honest I am surprised he would be able to get any mortgage for anything at all
He has NO debt but why would they approve a mortgage for one piece of real estate and not another?
RitasEngaged
Posted:
Member since
Re: Mortgage question-Please Help
Posted by msabla1
Posted by RitasEngaged
I am in the middle of getting a mortgage now for a co-op.
Maybe it is because of the co-op board
To be honest I am surprised he would be able to get any mortgage for anything at all
He has NO debt but why would they approve a mortgage for one piece of real estate and not another?
That is what I am saying - that doesn't make since. I thought you needed some kind of credit to get a mortgage
msabla1
Posted:
Member since
Re: Mortgage question-Please Help
Posted by RitasEngaged
Posted by msabla1
Posted by RitasEngaged
I am in the middle of getting a mortgage now for a co-op.
Maybe it is because of the co-op board
To be honest I am surprised he would be able to get any mortgage for anything at all
He has NO debt but why would they approve a mortgage for one piece of real estate and not another?
That is what I am saying - that doesn't make since. I thought you needed some kind of credit to get a mortgage
But he has the money. He just has no credit cards. Our realtor is having him get all his other bills together to prove they were paid on time and est. some credit that way.
RitasEngaged
Posted:
Member since
Re: Mortgage question-Please Help
Posted by msabla1
Posted by RitasEngaged
Posted by msabla1
Posted by RitasEngaged
I am in the middle of getting a mortgage now for a co-op.
Maybe it is because of the co-op board
To be honest I am surprised he would be able to get any mortgage for anything at all
He has NO debt but why would they approve a mortgage for one piece of real estate and not another?
That is what I am saying - that doesn't make since. I thought you needed some kind of credit to get a mortgage
But he has the money. He just has no credit cards. Our realtor is having him get all his other bills together to prove they were paid on time and est. some credit that way.
Hopefully that will help but I don't know how lendors would feel giving him a loan with no established credit
