Home Equity Line Of Credit (HELOC) for Co-ops

Please see below a brief outline of the two products we currently offer for second mortgage options. 

Here are some basic qualification criteria:

• Combined Loan to Value (CLTV) 70% CLTV
• Minimum Credit Score 700
• Minimum Loan Amount $10,000
• Maximum Loan Amount $250,000
• Debt to Income (DTI) 43%
• Eligible Property Type Primary residence only (No Investment or second homes)
• Investment Co-op Helocs are available only in New York and New Jersey.

HELOC

As of today the terms of our home equity line of credit, consist of a 10-year Interest-only draw period.  During this time you will be billed monthly for the accrued interest on the principal balance that you have used/owe.  If you have not drawn from the line or have paid it to zero, then there would be no interest billed.  The principal can be repaid and reused at any time during the 10-year initial draw period.  At the end of the 10-year draw period, any remaining balance will be amortized over 20 years or 240 monthly principal and interest payments.  This is a variable-rate loan that is based on prime rate. 

 There is an annual fee of $75.00 due on the anniversary date of the loan for the draw period only.  There is an application fee of $1000.00 that will be processed once the loan is conditionally approved that covers the appraisal or evaluation, ucc/title work, filings, ect.   You would also be responsible for any fees that your building would charge to obtain questionnaires or financial information.

 HELOAN

As of today, we are offering the following:

 5-year fixed rate

 10-year fixed rate

 15-year fixed rate

 These loans typically have estimated closing costs of $3500-$4500. At closing (after 3 day recession) you would look to receive the funds in a lump sum. 

 To get more information about our home equity line of credit for co-ops and home equity loan for co-ops, Please contact us.