Home Loans Requirements

• Employment Payroll Stubs. Submit copies of your last two months of employment payroll stubs.

• Personal Income Tax Returns. All applicants must submit complete copies of your Federal Income Tax Returns for the past two years. Re-sign (with original signature) each copy of the tax return in the space provided on page two of the tax return.

• W-2s. Provide copies of you W2s for the past two years.

• Business Federal Income Tax Returns. If you are self-employed, submit copies of your business Federal Income Tax Returns for the past two years. Re-sign (with original signature) each copy of the tax return in the space provided on page two of the tax return.

• Personal Financial Statement. If you are self-employed submit a current Financial Statement prepared and signed by an accountant.

• Business Profit and Loss (Income Statement) & Business Balance Sheet. If you are self-employed, submit these documents prepared and signed by an accountant.

• Additional income. If you wish to have any additional income considered as a basis for repaying the obligation, provide evidence of any additional income (i.e.: interest or dividend income-provide statements; rental property income-provide leases; alimony or child support-provide copy of agreement; etc.)

• Bank statements. Submit copies of bank statements for the past three months on all accounts that you listed in section VI of the loan application form.

• Sales Contract. If you are purchasing property, submit an executed copy of the sales contract.

• Deposit Letter. If this mortgage loan is for a purchase, submit a Deposit Letter from your real estate officer or the attorney holding the down payment check. The letter must be on the realtor’s or attorney’s letterhead. Along with copy of down payment check and complete bank statement showing check clearing.

• Proof of Residency. If you are not a citizen of the United States, submit proof of residency (i.e.: green card or naturalization Document).

Information and Questionnaire

• Building Review: $350.00 (non-refundable) fee needed upfront to start process. This fee covers legal review of the building documents.

• Commitment Letter Extension Fee: $500.00 is to extend the commitment letter, once expired from date issued

• Loan Processing: .65% ($500.00 minimum) of loan amount ($1,500.00 maximum) (nonrefundable) fee needed upfront to start process. This fee covers the cost of compiling and evaluating your application for a co-op loan.

• Rate Lock Fee: .25% of loan amount refundable at loan closing.

• Basic Credit Report $64.92 per person (non-refundable unless credit report has not been ordered) A credit report will be obtained for each applicant and guarantor (if any), providing us with a history of charge accounts, loans mortgages, etc.

• Property Appraisal: $550.00 per apartment (non-refundable unless appraisal has not been ordered) This is an evaluation of the apartment to determine its current market value. This evaluation helps the credit union know how much to lend you. We currently lend up to 80% of the market value of the unit.

• UCC Lien Search: $495.00 (non-refundable unless lien search has not been ordered) Generally done only when a commitment is issued, this is a search into the records of the office of the city Register and the New York Department of State, to determine if there are any outstanding mortgages, liens, judgments or violations of record on the buyer, seller and cooperative and the building.

• Flood Certification: $15.00 to cover the cost of obtaining a flood certification to determine if the cooperative is in a Social Flood Hazard Area.

• Lender’s Attorney: $1,175.00 to cover legal fees charged by the credit union’s attorney at the time of closing.

• UCC Recording: $75.00 to cover the recording of the credit union’s security interest in shares to your co-op apartment.

• Courier Fee: $50.00 to cover messenger fees between lender and lender’s attorney.

• Short term interest Due: Is the interest that you pay the lender in advance, often when you close on a loan. If you close a loan before the end of the month, the lender will require you to pay interest for the number of days until the end of the month.

• Employment Payroll Stubs. Submit copies of your last two months of employment payroll stubs.

• Personal Income Tax Returns. All applicants must submit complete copies of your completed Income Tax Returns for the past two years. Re-sign (with original signature) each copy of the tax return in the space provided on page two of the tax return.

• W-2s. Provide copies of you W2s for the past two years.

• Business Income Tax Returns. If you are self-employed, submit copies of your completed business Income Tax Returns for the past two years. Re-sign (with original signature) each copy of the tax return in the space provided on page two of the tax return.

• Personal Financial Statement. If you are self-employed submit a current Financial Statement prepared and signed by an accountant.

• Business Profit and Loss (Income Statement) & Business Balance Sheet. If you are self-employed, submit these documents prepared and signed by an accountant.

• Additional income. If you wish to have any additional income considered as a basis for repaying the obligation, provide evidence of any additional income (i.e.: interest or dividend income-provide statements; rental property income-provide leases; alimony or child support-provide copy of agreement; etc.)

• Bank statements. Submit copies of bank statements for the past three months on all accounts that you listed in section VI of the loan application form.

• Sales Contract. If you are purchasing property, submit an executed copy of the sales contract.

• Deposit Letter. If this mortgage loan is for a purchase, submit a Deposit Letter from your real estate officer or the attorney holding the down payment check. The letter must be on the realtor’s or attorney’s letterhead. Along with copy of down payment check and complete bank statement showing check clearing.

• Proof of Residency. If you are not a citizen of the United States, submit proof of residency (i.e.: green card or naturalization Document).

• Commitment Letter Extension Fee: $500.00 is to extend the commitment letter, once expired from date issued

• Loan Processing: .65% ($500.00 minimum) of loan amount ($1,500.00 maximum) (nonrefundable) fee needed upfront to start process. This fee covers the cost of compiling and evaluating your application for a co-op loan.

• Rate Lock Fee: .25% of loan amount refundable at loan closing.

• Basic Credit Report $64.92 per person (non-refundable unless credit report has not been ordered) A credit report will be obtained for each applicant and guarantor (if any), providing us with a history of charge accounts, loans mortgages, etc.

• Property Appraisal: $550.00 - $750.00 (non-refundable unless appraisal has not been ordered) This is an evaluation of the property to determine its current market value. This evaluation helps the credit union know how much to lend to you. We currently lend up to 80% of the market value.

• UCC Lien Search: $495.00 (non-refundable unless lien search has not been ordered) Generally done only when a commitment is issued, this is a search into the records of the office of the city Register and the New York Department of State, to determine if there are any outstanding mortgages, liens, judgments or violations of record on the buyer, seller and cooperative and the building.

• Flood Certification: $15.00 to cover the cost of obtaining a flood certification to determine if the cooperative is in a Social Flood Hazard Area.

• Lender’s Attorney: $1,175.00 to cover legal fees charged by the credit union’s attorney at the time of closing.

• UCC Recording: $75.00 to cover the recording of the credit union’s security interest in shares to your co-op apartment.

• Courier Fee: $50.00 to cover messenger fees between lender and lender’s attorney.

• Short term interest Due: Is the interest that you pay the lender in advance, often when you close on a loan. If you close a loan before the end of the month, the lender will require you to pay interest for the number of days until the end of the month.