re: Waiver of mortage contingency
What is the name of your state?What is the name of your state? NY
I am purchasing a home for the first time - a co-op in Westchester, NY. I am being told that it is standard to make a down payment at contract signing as well as to WAIVE the mortgage contingency. In other words, if for some reason I fail to obtain the mortage, I lose my down payment unless I come up with the cash for the entire agreed-upon purchase price.
Is this considered standard? Do I have any recourse if I fail to qualify for a mortgage as a result of the financial condition of the coop, and not as a result of my own credit status? Would I be able to add such a clause in the contract? If the mortgage lender does not provide me with a loan, are they required to specify the reasons for their denial? (lots of questions)
Thank you.
What is the name of your state?What is the name of your state? NY
I am purchasing a home for the first time - a co-op in Westchester, NY. I am being told that it is standard to make a down payment at contract signing as well as to WAIVE the mortgage contingency. In other words, if for some reason I fail to obtain the mortage, I lose my down payment unless I come up with the cash for the entire agreed-upon purchase price.
Is this considered standard? Do I have any recourse if I fail to qualify for a mortgage as a result of the financial condition of the coop, and not as a result of my own credit status? Would I be able to add such a clause in the contract? If the mortgage lender does not provide me with a loan, are they required to specify the reasons for their denial? (lots of questions)
Thank you.