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Big Coop Loans Get Snubbed By the Banks
Jun 18
|02:00
So, I got all excited when they announced that coop loans will be included as jumbo conforming loans up to amounts of 729,000. I called several clients to give them the a heads up and started going through my list of loans to see who would benefit.Â
Turns out the lenders have their own thoughts about the loan. Several of them will not include coops, some of them have an increased price for coop loans and others put limits on their own guidelines. Basically, it is not worth it.
Turns out that it is not going to be such a big party in NYC. Oh well, another brick wall with FannieMae and the rest of the crew. I now await the announcement of the inclusion of 2 family homes.Â
Dale Siegel
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