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It should be know that Fannie Mae and Freddie Mac, who buys the bulk of both conforming loans, those under $417,000.00 and 'agency jumbo loans' those up to $729,750.00 have changed dramatically and some cooperatives, in paticular, no longer meet the requirements, as shareholders and for underlying mortgage refinance. For example there is now a minimun reserve requirement for small building, those under 10 uniye. In addition the require for BusinessIncome\Rental Value must be not less that the annual maintenance. That, most cooperatves do not meet so, the builings are being declined.
There is more
It may be worth your asking your atttoney, banker\broker.
Richard Russell
Pres\CEO
www.richlandequity.com
212-681-9888
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