Our stand-alone second mortgage for co-ops product is designed to provide you with the financial flexibility you need to tap into the equity of your co-op unit. With a minimum FICO score requirement of 680, we aim to make this option accessible to a wide range of borrowers.
One of the key features of our stand-alone second mortgage for co-ops is that it offers a bank statement alternative income solution for self-employed individuals. This means that if you’re self-employed and don’t have traditional income documentation, you can still qualify for this second mortgage for co-op by providing your bank statements as proof of income.
In terms of flexibility, we offer a variety of terms for our stand-alone second mortgage for co-op. You can choose from 10, 15, 20, 25, or 30-year fixed terms, depending on what suits your financial goals and preferences best.
- Minimum FICO score of 680
- We offer a bank statement alternative income solution for self-employed borrowers
- Enjoy flexible terms of 10, 15, 20, 25, or 30 years fixed
- No reserves are required
- Our program is available for primary residences, second home co-ops, and investment co-ops.
Another advantage of our stand-alone second mortgage for a co-op is that it does not require any reserves. This means that you don’t need to have a certain amount of money saved up in order to qualify for this co-op mortgage. This can be particularly beneficial for borrowers who may not have significant savings but still want to take advantage of this financing option for their co-op.
Our stand-alone second mortgage is available for primary residences, second homes, and investment co-ops. This means that whether you’re looking to purchase a new co-op, finance a vacation co-op, or invest in co-ops, this second mortgage product can cater to your needs.
Lastly, we wanted to mention that our stand-alone second mortgage for a co-op allows for a 50% debt-to-income ratio. This means that your monthly debt payments, including the mortgage, can make up to 50% of your monthly income. This can be helpful for borrowers who may have other financial obligations but still want to take advantage of this co-op mortgage option.
Keep in mind that we also offer a home equity line of credit for co-ops, (HELOC).
Contact us for more information about our co-op mortgage programs.
