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Refinancing and
Acquisition Apartments and Co-ops
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| Features |
- Low, fixed interest rate.
- Maximum 35 year term, self-amortizing.
- High loan-to-value ratio: rental maximum 85%, co-op maximum 90%.
- Proposed capital improvements included in mortgage.
- Fully assumable, with permission.
- No personal liability.
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| Funding |
- Provided by Quickmortgageloan.com at lowest available rates and terms.
- No hidden fees or costs.
- "Par Loans" and "Buy Downs" available.
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| Eligibility |
- Property must be in operation at least 3 years.
- Both to-be-formed and existing co-ops are acceptable as mortgagor entities.
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| Requirements |
- Mortgagor has up to 12 months from loan closing to complete repairs and capital improvements (from mortgage proceeds) with approval.
- Properties must remain rental for 5 years from the date of loan closing even though mortgagor retains flexibility to repay loan.
- Secondary debt is permitted with the approval of HUD and Quickmortgageloan.com.
- Escrows for property insurance, special assessments (if any), real estate taxes,
reserves for replacement, and mortgage insurance premiums.
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