Over the past 20 years we at MortgageDepot have been getting calls about investment coops and guess what, we are now able to originate loans for investment coops.
As of 2013 we have partnered with a lender that will allow us to originate Investment Coop mortgages. This product is perfect for those who want to buy their children an apartment but already own another property or you are looking to buy an investment coop. We at MortgageDepot now finance Investment coops. This program is ideal for those seeking to purchase an investment coop in the 5 boroughs of New York, although this program extends to the entire state of New York. Here are a few things to keep in mind when it comes to financing a coop for investment purposes.
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- 65 LTV – means 35% down payment
- Rate and Term Refinance
- No Cash Out Refinances
- 720 score is required
- 6 month of PITI in reserves is a must
Get in touch with one of our loan consultants for more information.
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