straightflush
Junior Member
What is the name of your state? NY
Hello,
I am involved in an 80-10-10 mortgage from HSBC. I put down my own 10%, and HSBC brings a check for the other 10% to closing as an equity loan.
Now my real estate agent is saying that this does not meet the 20% requirements of the coop and that i need to have the 20% in cash, none can be borrowed. If i submit my application as is, and get denied, i can lose my 10% down payment so he claims.
Do i have any case here? Why should the coop care where teh 10% comes from? They are getting paid regardless.
thanks
ken
Hello,
I am involved in an 80-10-10 mortgage from HSBC. I put down my own 10%, and HSBC brings a check for the other 10% to closing as an equity loan.
Now my real estate agent is saying that this does not meet the 20% requirements of the coop and that i need to have the 20% in cash, none can be borrowed. If i submit my application as is, and get denied, i can lose my 10% down payment so he claims.
Do i have any case here? Why should the coop care where teh 10% comes from? They are getting paid regardless.
thanks
ken