When the demand for housing causes prices of condominiums and single-family homes to rise, shoppers may find an affordable option in cooperative apartments as long as buyers can qualify for financing. This can be difficult for self-employed borrowers because of strict underwriting guidelines used by lenders. MortgageDepot has a solution with our no income-check loans for coops, which may be the ideal loan for borrowers who do not receive W-2s and do not have verifiable sources of income.
Coops offer a viable housing option
Unlike a condo or home for which a buyer receives a deed as proof of ownership, the purchaser of a coop apartment acquires shares of stock in a corporation that owns the building in which the apartment is located. Ownership of shares in the corporation gives the buyer the right to occupy an apartment under a proprietary lease.
Borrowers who receive a paycheck and a W-2 from an employer have little trouble satisfying the underwriting requirements of most lenders. However, self-employed borrowers, including those who receive commissions reported at the end of the year on a 1099, lack the documentation lenders require in order to verify a person’s income.
MortgageDepot works with a network of lenders to find a loan product offering favorable terms for borrowers of all types of housing, including coops. Our loan officers specialize in meeting the challenges faced by individuals whose income may be difficult to verify, which is why we work with lenders offering no income-verification loans for borrowers purchasing cooperative apartments.
Financing tailored to the needs of self-employed borrowers
When the buyer of a coop comes to us for financing, we research available lending options. For self-employed borrowers or borrowers with sources of income that may not be readily verifiable, MortgageDepot has a no income verification loan for coop properties with favorable terms and eligibility guidelines that include the following:
- A loan-to-value ratio up to 75%.
- Minimum credit score of 680.
- No income verification.
- No tax returns required.
- No pay stubs required.
- 30-year fixed-rate loan.
- Loans available from $100,00 to $5 million.
- Unlimited cash-out option available.
The no income verification loan for coop properties does not require verification of the source of a down payment or impose a seasoning requirement.
Contact us today
A meeting with one of our experienced loan officers can provide borrowers with information about the MortgageDepot no income-verification loan for coop properties.
Contact one of our loan consultants to learn more about this program.