Increasingly popular in today’s challenging financial and housing environment, investment coops come in many shapes and sizes. It’s essential to sort through program rates and terms to find the best fit. The entire process can be a confusing maze. Technical factors are important along with handling paperwork correctly. This takes professional assistance to get a top loan at an affordable price.
Buying into sponsored and non-sponsored investment coops entails a sometimes complex process with board interviews and management companies. Good advice and assistance from professionals who know the ropes often get deals from 40 percent down all the way to 10 percent down from private sources.
Refinancing and loans to purchase means working with the appropriate loan-to-value for each loan. Professional brokers can help mitigate closing costs. Refinancing today with loan rates at their lowest ever means taking out cash for much-needed coop improvements, large purchases, and to reduce other higher rate loans.
Professionals can sort through mortgage options for conforming loans and Fannie Mae and Freddie Mac opportunities. Jumbo and interest-only loans may be part of the portfolio. Considering the price of investment coops, many require high balance mortgages, which require a whole network of complicated rules and complex regulations. Banks generally require two months reserves for sponsored coops being sold by the coop unit owner.
Non-sponsored coop purchases can call for mortgage and loan maintenance reserves lasting from one to three years. It’s probably the largest, and most important, investment a person can make during their lifetime, so it pays to go with a leading mortgage company licensed and registered with the New York State Department of Financial Services.
- 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
We are happy to assist you with no-cost, no-obligation fast rate quotes. Consultants are available through e-mail or phone.
Give us a call at 800.842.2910 or email us HERE.