FAQ!
Answers to our most commonly asked questions.

Shareholders:

• Can borrow up to 70% of equity with the maximum total of $500,000 for sales, construction, and other purpose.
• Can borrow up to 50% of equity with the maximum total of $350,000 for Home Equity loans such as home resource or line of credit.

Child of Shareholder:

First time buyers who are children of shareholders can borrow up to 65% of equity and a maximum of $350,000.

Other:

Can borrow up to 50% of equity and a maximum of $350,000.
*Each Board approved bank has their own guidelines for borrowing. Please contact the lending institution for their parameters.

Breezy Point Cooperative Loan Guidelines for Shareholders that are refinancing, building, or purchasing.

Ridgewood

Loan to Value: 67%

Maximum Loan Amount: $350,000

Products: Sales
Construction
Other Purpose
Home Resource
Line of Credit

Modular Home Financing: No*

Lien Position: 1st Lein Holder

First National

Loan to Value: 70%

Maximum Loan Amount: No Limit

Products: Sales
Other Purpose
Home Resource
Line of Credit

Modular Home Financing: No*

Lien Position: 1st Lein Holder

Breezy Point Cooperative will allow shareholders to borrow 70% loan to value not to exceed $500,000 in order to refinance, build or purchase but only 50% loan to value not to exceed a total of $350,000 for home resource or line of credit loans. Be advised that although these are the Cooperative's guidelines, each bankhas their own guidelines as listed above and you should contact the lending institution for their parameters.

*Once modular homes are ready to move in they will allow refinancing. They need to know more about the modular companies, how they build, where they build, and their payment requirements.

View or Download these guidelines here:

View/Download

While attending open houses is much more exciting than filling out paperwork, the first step a homebuyer should take is getting pre-approved for a loan. This helps you determine how much house you can afford and set a firm budget. Sellers are also more inclined to take you seriously and consider your offer if they know the home is within your pre-approved limit.

When determining how much home you can afford and whether you are eligible for a home loan, a lender will look at your credit score. Typically, you need a score of 580 or higher to qualify, but it is recommended to have a 620 or higher. The higher your credit score, the better lending terms you may be eligible for.

The process varies significantly and depends on the state in which you are buying and the type of property you are purchasing. Once the seller has accepted your offer, it takes an average of 36 days to close. FHA and VA loans can take a few additional days, and short sales are notoriously slow, taking an average of 90 to 120 days to close.

There are a number of tax benefits to buying a home, but filing your taxes can be a lengthy process if you aren’t used to itemizing. You can deduct your mortgage interest payments, as well as property taxes, points paid at closing, interest on home equity loans, lines of credit, and other items. A tax professional can help you decide what to itemize.