{"id":17977,"date":"2020-11-02T05:27:00","date_gmt":"2020-11-02T10:27:00","guid":{"rendered":"https:\/\/mortgagedepot.com\/?p=17977"},"modified":"2020-11-02T14:56:23","modified_gmt":"2020-11-02T19:56:23","slug":"no-income-check-for-coops","status":"publish","type":"post","link":"https:\/\/mortgagedepot.com\/no-income-check-for-coops\/","title":{"rendered":"No Income Check For Coops"},"content":{"rendered":"

When the demand for housing causes prices of condominiums<\/a> 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<\/a> 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.<\/p>\n

Coops offer a viable housing option<\/strong><\/p>\n

Unlike a condo or home for which a buyer receives a deed as proof of ownership, the purchaser<\/a> 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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Financing tailored to the needs of self-employed borrowers<\/strong><\/p>\n

When the buyer of a coop<\/a> 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:<\/p>\n