Instead of receiving a deed when buying a home, co-op buyers receive shares of stock in the corporation that owns the building. Borrowers who want to avoid the burden of income verification when applying for a loan often find it difficult to secure the financing they need to make a purchase. SteveKnowsLoans mortgage loan originators can help you get financed, even if you’re trying to finance a co-op.
Those who need loans but can’t provide proof of income
We recognize that obtaining financing may be challenging for some borrowers. Lender underwriting standards that necessitate income verification may prevent borrowers who rely on non-traditional sources of income from accessing the mortgage market. SteveKnowsLoans is an option for borrowers who fit the following profiles:
- Self-employed
- Non-native speakers
- Jobs that pay commissions
A quick conversation with one of our mortgage loan originators can help anyone decide if a loan without proof of income is the best option for their situation.
Cooperative loans without income verification have many advantages.
Borrowers who are unable to meet conventional underwriting requirements can benefit from our cooperative loans, which do not require proof of income. They have a number of advantages:
- The maximum loan amount is $2,000,000.
- Cash-out refinancing with a loan-to-value of up to 65%
- Up to $5 million in jumbo loans
- Jumbo loans have a maximum LTV of 60%.
- Loans can be used for both debt consolidation and major purchases.
- a minimum of 35% down on purchases
- No proof of income is required.
- Quick loan approval and closing times
Borrowers with non-standard incomes, such as those who are self-employed, may now be assured that they will have access to the cooperative housing market. Any of your financial goals can be met with the help of our expert mortgage loan originators.
Learn more about how a cooperative loan that does not require proof of income might make your dream of owning a coop a reality. To talk with a mortgage loan officer, please call Steven Jackson at 813-616-9411 now!
