Co-ops

Co-ops can be difficult to get financed conventionally. We've made this typically cumbersome process quick and easy. Our team of experienced mortgage professionals are here to help you meet your client’s needs and are dedicated to making the transaction a smooth and seamless buying experience.

 
Program Details
Lending Area Available in all 50 states
Cash-Out Yes. All occupancy types.
Maximum Loan Size  $3MM
Unit Requirements No efficiency or studio co-ops must be minimum 500 square feet. Exceptions made on a case-by-case basis, with a reduced LTV. Must have a full-size kitchen and separate bedroom.
Document Requirements Completed Advancial Co-op Questionnaire1, underwriting and third party attorney review required. Call your AE for details.
Lease Hold Yes. See Guidelines for details.
Work Visa/ Expatriate/ Immigrant Eligibility Yes. See Work Visa/Expatriate/Immigrant Loan Program sheet for details.
Gifted down payment / Gifted Reserves / Gift of Equity Yes
Pre-qualification Pre-qualification using an offer letter permitted First pay stub required for funding
Asset Depletion Yes
Non-Occupant Co-Borrowers Allowed at max 75% LTV. See Guidelines for details.
Foreign National Eligibility (Non-U.S. Residents  Yes. See Foreign National Program sheet for details.
 

Please note we do not allow the following: blackout dates, incomplete construction of the subject phase or pending litigation that implies structural deficiencies.2


1Advancial questionnaires MUST be filled out completely with no question answered N/A, Unknown or left blank

2Litigation considered on a case-by-case basis.