Home Loan for a Co-op in Queens, NY
Hi all!
I would like some advice on what my lending options are for the co-op my family plans for buy.
The co-op will likely be purchased by a family member. It will be used as primary residence. Her and I already co-own a house and the loan on that is around 300k. She makes around 35k to 40k annually. Her credit is excellent and has rental income from the house of around 2300 each month. The mortgage is around 2000.
I have tried asking a few lenders a few years ago and they all think her income is too low and her currently loan too high to qualify for any more loans. I'm asked someone in Chase and she gave me a quote under 150k.
Is this an accurate number for conventional home loan? I also want to know if she qualifies for any other type of loans besides the conventional home loan? Are there any other factors that could improve her application?
Thanks in advance!
Jinyu