GEORIGA CO-OP MORTGAGE LENDERS LOAN TO VALUE

GEORGIA CO-OP MORTGAGE LENDERS TERMS

The ARM is a 1st mortgage adjustable rate loan with principal and interest payments amortized over 30 years.

• 3/1 ARM: Rate is fixed for 3 years.
• 5/1 ARM: Rate is fixed for 5 years.
• 7/1 ARM: Rate is fixed for 7 years.
• 30 Year fixed for 30 years.

GEORGIA CO-OP MINIMUM & MAX LOAN AMOUNTS
• $100,000 minimum loan amount. 
• CO-OP Loan amount exceptions over $4,000,000 available.

CO-OPS IN GEORIGA
• Stock Cooperatives (Mostly Big GEORIGA Co-op mortgage lenders – Luxury Living)
• Mutually Owned (owned together with market value)
•GEORIGA Limited Equity Housing Cooperatives
• Co-ops Compare Best with a Family living in a Rental

GEORIGA CO-OP MORTGAGE LENDERS TERMS
The ARM is a 1st mortgage adjustable rate loan with principal and interest payments amortized over 30 years.

• 3/1 ARM: Rate is fixed for 3 years.
• 5/1 ARM: Rate is fixed for 5 years.
• 7/1 ARM: Rate is fixed for 7 years.
• 30 Year fixed for 30 years.

GEORIGA CO-OP MINIMUM & MAX LOAN AMOUNTS
• $100,000 minimum loan amount. Exceptions considered on a case-by-case.
• Co0OP Loan amount exceptions over $4,000,000 available.

GEORIGA CO-OP MORTGAGE LENDERS CREDIT REQUIREMENTS
• 680 middle score required with some exceptions allowed for lack of credit or unestablished credit.
• For co-co-op mortgage applicants and co-mortgagers, the lowest mid-score is used for pricing and qualification.
• Meeting the minimum credit score requirement does not automatically constitute a credit approval. A pattern of
adverse credit or overextended credit may disqualify co-op mortgage applicant from financing, even if the minimum credit score is met.
• Credit report is used for Pre-Approval and co-op mortgage lenders will also pull credit before issuing a conditional
approval. Mid-score from co-op mortgage lenders credit pull is used for pricing and qualification.
No Credit or Limited Credit
• No credit or limited credit profiles are allowed on a case-by-case basis for U.S. citizens.
• No U.S. credit or credit score is required for the Work Visa/Expatriate/Immigrant Program or Foreign National Program
GEORIGA CO-OP MORTGAGE LENDERS OPTIONS INCLUDE:

• Primary GEORIGA Co-op Mortgage Lenders
• Second Home GEORIGA Co-op Mortgage Lenders
• Investments GEORIGA Co-op Mortgage Lenders
• Cash Out GEORIGA Co-op Refinancing
• Second GEORIGA Co-op Home Financing
• Jumbo GEORIGA Co-op Loans
• Low GEORIGA Co-op Closing Costs
• Up to 80 Percent GEORIGA Co-op Mortgage Loans

GEORIGA CO-OP MORTGAGE MAXIMUM DEBT TO INCOME
Maximum GEORIGA CO-op Mortgage Lenders Debt To Income Ratio 
• 43% maximum back-end ratio.

GEORIGA CO-OP MORTGAGE LENDERS APPROVAL PROCESS

2. PRINT OUT CONDO QUESTIONNAIRE FOR ASSOCIATION TO FILL OUT COMPLETE.  the questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” 
or “unknown,” and the questionnaire must pass underwriter review.

ELIGIBLE GEORIGA CO-OP PROPERTY TYPES & OCCUPANCY
GEORIGA Co-op Occupancy Permitted
• Primary GEORIGA Co-op Residence
• Second GEORIGA Co-op Home (minimal rental income allowed)
• Investment GEORIGA Co-op Property (non-owner GEORIGA Co-op occupied) permitted at maximum GEORIGA Co-op loan of 60% LTV
ELIGIBLE GEORIGA CO-OP MORTGAGE REQUIREMENTS
• Minimum Down Payment 20% For GEORIGA Co-op Mortgage Lenders
• Title Insurance for GEORIGA Co-ops title policy issued through a title company or closing attorney must be issued on GEORIGA Co-op certificate
• Leaseholds GEORIGA Co-op allowed on a case-by-case basis
BAD CREDIT GEORIGA CO-OP MORTGAGE LENDERS CREDIT REQUIREMENTS
• Late payments on any mortgage, installment or revolving account of 2×30, 1×60 or more will typically disqualify a
borrower from financing. Exceptions will be reviewed on a case-by-case basis at a lower LTV.
• A pattern of adverse credit or overextended credit may disqualify borrower from financing, even if minimum credit score
is met. Borrowers with 3x monthly income amount in unsecured consumer debt are generally disqualified.
GEORIGA CO-OP MORTGAGE LENDERS REQUIREMENTS AFTER FORECLOSURE, BANKRUPTCY, SHORT SALE
• (4)Four-year seasoning from BK discharge date or sale of property
• Maximum 60% LTV or 40% downpayment
• No derogatory credit allowed since the bad credit event
• Strong extenuating circumstance and signed letter of explanation from co-op mortgage applicant detailing event required.
NOT ALLOWABLE FOR GEORIGA CO-OP MORTGAGE LENDERS
– Structural GEORIGA Co-op deficiencies and certain pending litigation (please contact your AE if litigation is not related to a structural issue)
– Incomplete GEORIGA Co-op construction of the subject phase
APPROVED OR ALLOWED GEORIGA CO-OP MORTGAGE LENDERS CASE BY CASE: 
– Low GEORIGA Co-op HOA budget reserves
– HOA GEORIGA Co-op delinquencies exceeding 15%
•  GEORIGA Co-op mortgage lenders  Questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and the GEORIGA Co-op questionnaire must pass underwriter review.
• GEORIGA Co-ops mortgage lenders price GEORIGA Co-ops the same as Non-Warrantable Condos, regardless of loan size or GEORIGA Co-op questionnaire findings.
• GEORIGA Co-op must pust have a full kitchen and at least one separate bedroom. Minimum GEORIGA Co-op size 500 square feet generally required. Efficiency GEORIGA Co-ops or studio units are not permitted.
• Coinsurance GEORIGA Co-op is considered case-by-case if no agreed amount endorsement is available.

SELF EMPLOYED GEORIGA CO-OP MORTGAGE LENDERS
Self-Employed co-op mortgage Income calculations
• Borrower should be self-employed in the U.S. for a minimum of 2 years (max 80% LTV).
• 2-years business & personal tax returns required, plus year-to-date Profit & Loss statement.
• Business tax returns required for all businesses in which the borrower has 25% ownership or more. On occasion
business tax returns are needed if the borrower is has less than 25% ownership.
• Fannie Mae cash flow analysis form can be used.
• NOL Carryover Loss: Treated case-by-case when truly a one-time occurrence (i.e. real estate loss, lawsuit settlement or some other form of a truly one-time occurrence). Detailed CPA letter addressing the one-time occurrence is required.
• Less than two years self-employment is considered on a case-by-case basis with a reduced LTV.
REQUIRED BY GEORIGA CO-OP MORTGAGE LENDERS
• 2-months bank statements for monthly asset accounts, and most recent statement for quarterly asset accounts
(VOD not permitted).
• 6 months PITI for all GEORIGA co-op properties owned including subject.
• At least 3 months of the subject property’s reserves must be liquid non-retirement.
GEORIGA CO-OP MORTGAGE LENDERS CASE BY CASE MORTGAGE APPROVALS
• GEORIGA Co-op Current reserve balance meets or exceeds 2 months of the subject property’s GEORIGA Co-op HOA dues in reserves multiplied by all GEORIGA Co-op units in the GEORIGA Co-op project or 10% or more reserve allocation designated in the most recent GEORIGA Co-op budget.
SECOND HOME GEORIGA CO-OP MORTGAGE LENDERS
• GEORIGA Co-op Mortgage Lenders will typically define a property as a second GEORIGA Co-op home if it is (1) located in a vacation or resort area 30 or more miles from the primary GEORIGA Co-op residence or (2) used a GEORIGA Co-op college housing for enrolled dependent within 5 miles of campus)
• Short-term GEORIGA Co-op rental income is allowed on second GEORIGA Co-op homes and generally does not constitute a GEORIGA Co-op investment property designation. GEORIGA Co-op Rental income cannot be used to qualify. An evaluation of the 1040 Schedule E is required.
GEORIGA CO-OP MORTGAGE FOR INVESTMENT PROPERTY 
• Property titled in LLC allowed 
• Maximum GEORIGA Co-op 60% LTV for investor GEORIGA Co-op mortgage lenders.
• Gross rental income is calculated by using a 12 month average of the net Schedule E income (Line 21) plus depreciation, mortgage interest paid to banks, taxes and insurance, and GEORIGA Co-op HOA dues.
• Rental income not appearing on Schedule E may be considered case-by-case with 3 months canceled checks and acurrent lease agreement. Use 75% of gross rent as gross rental income.
• Immediate GEORIGA Co-op rental income on the purchase of an investment property is allowed using 75% of the monthly rent schedule as documented by Form 1007 or 1025.
• Cash-out is allowed up to $3,000,000 with no seasoning required.
WHAT IS A GEORIGA CO-OP AND HOW DO I GET A GEORIGA MORTGAGE?
A GEORIGA Co-op or cooperative apartment is an individual living unit within a GEORIGA Co-op building or development where a buyer purchases shares (equal to the value of the unit) in a GEORIGA Co-op corporation that holds title to a building   Coops are predominantly located.  Normally a GEORIGA Co-op sponsor will buy the building (takes out the underlying GEORIGA Co-op mortgage) and then will sell off the shares.  Therefore, when buying a coop, you are actually buying GEORIGA Co-op shares in a corporation, not buying real property.
HOW TO GEORIGA CO-OP BUILDINGS GET PRE QUALIFIED BY GEORIGA MORTGAGE LENDERS?
To start with GEORIGA Co-op lender will look at the following factors to see if a particular GEORIGA Co-op building corresponds with their guidelines:  the GEORIGA Co-op property’s resale value, investor concentration, and GEORIGA Co-op owner occupancy.  Based on the previous example, if there are 20 units, five sponsor rentals and 15 sold units (with 12 owner-occupied units and 3 units being rented by the GEORIGA Co-op owners), the following ratios and guideline percentages result:
HOW IS A GEORIGA CO OP DIFFERENT FROM A HOUSE OR CONDO?
When you get a mortgage to purchase a  house or condo you get the deed. But not with a GEORIGA Co-op, individual units do not have individual deeds. A GEORIGA Co-op mortgage is actually a “share-loan” or a loan that purchases a share within in the GEORIGA Co-op. The difference makes securing a loan for a GEORIGA Co-op more complicated them getting a traditional mortgage and fewer mortgage lenders offer share loans.
GEORIGA COOP BOARDS AND APPROVAL RULES
To buy into a GEORIGA Co-op, you must be approved by the GEORIGA Co-op board. The approval process is often extensive and may require interviews and character references, in addition to your employment, financial, and credit history. GEORIGA Co-op boards can refuse a prospective buyer for any reason, so long as it doesn’t run afoul of anti-discrimination policies. What you can do WITH your GEORIGA Co-op unit. As a GEORIGA Co-op shareholder, you don’t have the right of alienation where basically, you can’t sell your GEORIGA Co-op share (or rent your GEORIGA Co-op unit) without the permission of the GEORIGA Co-op board. Some GEORIGA Co-op associations have the right of first refusal, meaning they have the option to buy the property before you offer your GEORIGA Co-op to outside buyers. GEORIGA Co-op boards, though, can simply deny a sale without matching the sale price.

HOW GEORIGA COOP OWNERSHIP DIFFERS FROM CONDO OWNERSHIP
When you purchase a condominium you are purchasing a specific unit the surface and the interior walls of the unit in the space the condo contains. With a Co-op, you are purchasing a share in a corporation, which then entitles you to a unit. This share is considered personal property rather than real estate. 

GEORIGA COOP MORTGAGE LENDERS SERVING EVERY GEORIGA Co-op mortgage lenders IN GEORIGA 

GEORGIA CO-OP MORTGAGE LENDERS