Buying a cooperative is a popular housing alternative to single-family homes and condominiums. This is particularly true in highly-populated urban areas, such as Queens, New York. At MortgageDepot, we realize how difficult it can be for foreign nationals to obtain the financing they need to complete a cooperative purchase. Our mortgage loan originators offer financing options and solutions tailored to the needs of foreign borrowers, including no income-verification loans for cooperatives.
Meeting the challenges faced by borrowers who are foreign nationals
Underwriting guidelines for most forms of financing require verification of a borrower’s sources of income. This can be difficult for foreign nationals whose income source is most likely in their home nation. It becomes even more of a challenge for foreign borrowers who are self-employed.
MorgageDepot has access to multiple lenders offering a variety of financing options and programs suited for the nontraditional borrower. For foreign nationals interested in purchasing a cooperative, our mortgage loan originators might recommend a no income-verification loan designed for co-ops.
Benefits of no income-verification loans for co-ops
A no income-verification loan makes sense for foreign nationals. The benefits they offer borrowers include the following:
- Financing available up to $2 million
- Up to 65 percent financing eligibility
- From $2 million to $5 million available under jumbo loan programs
- Jumbo loans feature 60 percent financing
- Financing for purchase or refinance
- Flexible income verification requirements
- Rapid processing for quick closings
MortgageDepot mortgage loan originators work with our foreign national borrowers to find the lender and financing option best suited to their particular needs. We are there to assist from application through closing.
MortgageDepot has the answer
Foreign nationals with questions and concerns about cooperative financing can get answers and solutions from MortgageDepot. We are experts in cooperative financing, so call us today at (800) 220-LOAN to speak to a knowledgeable mortgage loan originator.