Housing Cooperative Loan

Cooperative housing loans are a custom mortgage product with a 5 to 15-year term for limited-equity or low-income housing cooperatives.

Criteria

• MAXIMUM AMOUNT: Up to $700,000
• MAXIMUM LOAN-TO-VALUE: 80-100%
• TERM OF LOAN: Up to 15 years
• AMORITIZATION: 30 year maximum
• INTEREST RATE: 6-9%
• REPAYMENT: Monthly principal and interest with balloon at maturity or fully amortizing, where possible
• POINTS: Up to 2 points
• APPLICATION FEE: $250
• FEES: Normal closing costs apply
• ESCROW DISBURSEMENT: Required on all loans exceeding $5,000
• SECURITY: First mortgage (valid first lien on property) preferred and / or combination of first or second position lien on property along with guarantees, cash collateral, Letters of Credit, first or second position lien on other property and so forth
• OTHER: Technical assistance from cooperative housing trade association and / or CCLF is generally required

Eligibility

• PROPERTY RESTRICTIONS: Must be located within Chicago metropolitan area (Illinois)
• BORROWER RESTRICTIONS: Must be a housing cooperative organization, nonprofit or limited liability corporation. Income of end-users must not exceed 120% of Area Median Income (AMI).