DSCR Co-ops
One of our investment co-op programs is the debt service coverage ratio DSCR program for our co-op. It works best for buyers or investors who want to pull equity out of their co-op unit using rental income to qualify. This DSCR co-op program works, but you must ensure that your management allows investors in the building. We also need to ensure that the debt service coverage ratio is at 1, meaning that the rent collected on the unit is not higher than the mortgage payment and maintenance for the co-op unit.
Features and benefits:
30% down payment for a purchase
65% LTV Cash-out refinance
Both Warrantable & Non-Warrantable co-ops are eligible
Max loan amount is $3MM
Min loan amount is $150k
680 credit score required
Must be an investment property collecting rent
No personal income is used for qualifying the unit.
