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New York Times, For Home Buyers, More Bank Roadblocks
MORTGAGE rates have dipped to their lowest levels in decades, but getting a mortgage in New York City these days often has less to do with buyers’ finances and more to do with circumstances beyond their control.
Even if a prospective buyer has impeccable credit and reliable income, many banks are refusing to make loans if they don’t like what they find when they review the finances and bylaws of the building where the purchaser hopes to live.
Among the matters under scrutiny: the dollar amount and type of insurance a building has; the size of the building; the size of the apartment; and, in the case of new developments, the number of apartments sold and closed.
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