At MortgageDepot, we are thrilled to announce that coops are now eligible for our bank statement program. This exciting development opens up new avenues of financing for cooperative housing in the vibrant boroughs of New York. If you’re looking to secure a loan for a coop, we are here to help you navigate the process smoothly and efficiently.
With our bank statement program, we offer a range of benefits and options tailored specifically to coops. Here are some key highlights of the program:
- Loan Amounts:
We provide loan amounts ranging from $150,000 to $3 million, giving you the flexibility to find the right financing option for your coop.
- Cash-Out Opportunities:
Need to access the equity in your coop? Our program allows cash-out up to $750,000, empowering you to leverage your investment effectively.
- Flexible Mortgage Terms:
Choose from a variety of mortgage terms, including 30-year fixed, 30-year fixed (interest-only), 40-year fixed (interest-only), 7/6 ARM, 7/6 ARM (interest-only), and 7/6 40-year ARM (interest-only). We understand that every borrower has unique requirements, and we strive to offer options that align with your needs.
- Credit Score Considerations:
Our program allows a minimum FICO score of 660, providing opportunities for individuals with varying credit profiles.
- High Loan-to-Value Ratio:
Enjoy a maximum loan-to-value (LTV) ratio of 90% for purchases (with a minimum 720 score) without the need for mortgage insurance. This empowers you to secure financing with a smaller down payment and potentially save on additional costs.
- Flexible Debt-to-Income Ratio:
We consider a debt-to-income (DTI) ratio of up to 50%, allowing for greater flexibility in managing your monthly obligations.
- Strong Mortgage History:
In the last 12 months, we require a clean mortgage history of 0x30, ensuring that borrowers have a strong track record of timely payments.
- Property Eligibility:
Our program is available for primary residences (1-4 units) and second homes, providing options for a range of coop owners.
- Eligible Coop Locations:
We finance coops that meet the FNMA requirements in any of the five boroughs of New York: Bronx, Brooklyn, Manhattan, Queens, and Staten Island.
At MortgageDepot, we specialize in helping borrowers secure the financing they need, and our bank statement program for coops is no exception. With our expertise and dedication, we guide you through the loan process, ensuring a smooth and efficient experience.
Unlock the potential of your coop with MortgageDepot’s bank statement program. Contact us today to discuss your coop financing needs and explore the opportunities available to you. Let us be your trusted partner in achieving your homeownership goals.
Connect with one of our loan consultants to learn more.