Coops offer an attractive alternative to traditional forms of housing with purchasers acquiring shares of stock in a corporation owning the building instead of receiving a deed. For borrowers seeking financing without the hassle of income verification, obtaining the money needed to complete a purchase can be a challenge. At MortgageDepot, we offer financing solutions through our mortgage loan originators who understand the unique nature of co-op financing.
Borrowers in need of no income-verification options
We understand the difficulties some borrowers can face when going through the financing process. Borrowers with non-traditional sources of income can be shut out of the mortgage market by lender underwriting guidelines requiring income verification. MortgageDepot offers an alternative for borrowers falling into the following categories:
If anyone is not certain whether a no income-verification loan is the right choice, a few minutes with one of our mortgage loan originators can provide the answers they needed to make a decision.
Benefits of no income-verification cooperative loans
Our no income-verification cooperative loans are the perfect solution for borrowers unable to meet traditional underwriting conditions. They offer several benefits, including:
- Loans available for up to $2 million
- Loan-to-Value as high as 65 percent for cashout refinancing
- Jumbo loans available up to $5 million
- 60 percent loan-to-value for jumbo loans
- Available for refinancing existing loans and for purchases
- 35% down payment on purchases
- No Income verification
- Fast loan processing and closing
Self-employed borrowers and others with non-traditional income sources no longer need to feel shut out of the cooperative housing market. Our mortgage loan originators have the solutions to making any borrower’s dream come true.
Find out more about how we can help make coop ownership a reality with a no income-verification cooperative loan. Call us today at (800) 220-LOAN to speak to a mortgage loan officer.