What is the share loan application process?
Apply for a share loan is similar to applying for a single-family mortgage. You complete a loan application that provides the lender with information on you, including your job history, salary, checking and savings accounts. In addition, the lender evaluates the financial condition of the housing cooperative. As part of the application process, the lender is required by law to provide you with an estimate of closing costs within three business days. This is called a good-faith estimate. Lenders are also required to give you the government publication “A Home Buyer’s Guide to Settlement Costs.” Once your loan is approved and you’ve signed the commitment letter, you and your loan officer will attend the loan closing. To learn more about buying a co-op apartment, visit Fannie Mae’s Homepath Website. Return to Top What key factors influence how much I can borrow? 1. The total amount of debt your income can support; 2. Your current credit history; 3. Your assets in reserve (ration may vary)
