Bank Statement Program for Co-ops
Co-ops are Eligible Properties under our Bank Statement Program. Self-employed borrowers often face challenges when trying to secure a mortgage for a co-op. This is often due to the fact that their tax returns may not accurately represent their true income or earning potential. However, our Bank Statement mortgage program offers a solution by allowing you to qualify for a co-op mortgage using your bank statements instead of traditional income documents. Whether you’re purchasing a new home or refinancing an existing co-op, this option can make the process easier for you.
Features and benefits:
Minimum FICO score of 660 allowed
Loan amounts ranging from $150,000 to $3 million
Cash-out option available up to $750,000
Various loan options available, including 30-year fixed, 30-year fixed (interest-only), 40-year fixed (interest-only), 7/6 ARM, 7/6 ARM (interest-only), and 7/6 40-year ARM (interest-only)
Maximum loan-to-value (LTV) ratio of 90% for purchases only, with a minimum FICO score of 720 and no requirement for mortgage insurance
Debt-to-income (DTI) ratio allowed up to 50%
Available for primary residences (1-4 units) and second homes only
Mortgage history should show no late payments (0x30) in the last 12 months
Co-ops meeting FNMA requirements in any of the five boroughs of New York (Bronx, Brooklyn, Manhattan, Queens, Staten Island) are eligible.
Contact our office by either calling, sending us an email, or filling out the Fast Quote and one of our co-op experts will answer any concerns or questions about our Bank Statement mortgage program for co-ops.
