Cooperative properties are looking more and more attractive in today’s market. With low inventory and staggering rates, borrowers are looking for affordable options to land their dream homes.
Fairway Wholesale Lending prides itself on providing more options for future homebuyers — especially during times like these. With Co-ops, your potential buyers have the option to settle down and build a nice life in the city of their choosing.
Effective for new locks on and after April 1, 2022 — Fairway Wholesale Lending now permits Co-op properties on conforming Freddie Mac agency loans.
Direct as follows:
- TPO Brokered Loans Only
- Eligible Products: Standard Freddie Mac and HomePossible Products
- Eligible States: DC, IL, NJ (Note: Projects in NJ must have been created prior to 05/07/1988), and NY
- Co-Op Project Review completed by Fairway Wholesale Lending
Some Benefits of Co-Op Properties to Share with Your Clients
- More affordable than a condo.
- A financially stable property type; rarely foreclosed on.
- Perfect family home. Build a nice life.
- Your other tenants are invested in preserving and taking care of the community.
- Occupants are typically vetted by the board. No worry a "bad" communities.
- Very family-friendly and not very noisy.
- High monthly fees go directly towards maintenance, upkeep, and paying off the loan used to purchase the property
Keep Your Borrowers Informed
As you and your business kick off 2022, now’s the perfect time to keep your borrowers informed. This positive development means the expansion of your pipeline and provides your current clients the borrowing power to afford more homes in the market.
See what types of loans they qualify for and which gives them the best value.
Let’s start the year off strong — Fairway is here to help.
For full program guidelines, refer to the USDA Manufactured Home Program Guidelines accessible after logging into DRIVER.
Connect with Your Account Executive to Learn More
About Co-Op Properties on Conforming Loans
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