How is my creditworthiness evaluated for a co-op apartment loan?
NCB, FSB evaluates your creditworthiness for a co-op apartment loan as it would for the purchase of a single-family home or condo unit – using guidelines set by Fannie Mae. Keep in mind your co-op housing costs – monthly share loan payment plus monthly co-op maintenance fee – should not exceed more than 28 percent of your gross monthly income. In addition, your total monthly “debt” obligation – monthly housing payment, credit cards or other loan payments – should not exceed more than 36 percent of your income. A lender will look at this plus your credit history and the appraised value of the co-op apartment unit. Return to Top Is there a minimum owner-occupancy level required to get share loan? A lender takes into account multifamily ownership levels when making a decision about providing a loan to an individual for the acquisition of co-op apartment or for a condominium. This a standard part of the underwriting process. Appropriate ownership levels vary by lender. NCB has loan program
