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Mackinac
is an experienced coop lender offering a wide variety of coop mortgage financing products in a number of states including Florida,
Michigan
and Massachusetts. Since there is often little uniformity among
Florida co-operatives, Mackinac maintains
a database with the special requirements of each
approved Florida coop to facilitate Florida coop mortgage loan
closings. Massachusetts and Michigan documentation is more
standard.
Mackinac
is a Fannie Mae approved seller-servicer of coop mortgage loans and offers very competitive financing
in those communities that
qualify. Mackinac also lends for its own portfolio and offers flexible
coop financing in those communities that do not qualify for Fannie Mae and may have unusual conditions such as land leases,
blanket mortgages and non-standard coop documentation.
Mackinac
also offers a Home Equity Line of Credit
(“HELOC”) designed for coop financing with checkbook access when a regular share loan
or coop mortgage loan is not appropriate.
For approval of a cooperative
community not previously reviewed, click on, print and complete
Coop
Questionnaire
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CO-OPERATIVE MORTGAGE LOAN HIGHLIGHTS
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For purchase or refinance
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Primary, Vacation or Investment
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Free review of coop documents to determine project eligibility for
mortgages
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Creative cures for co-operative document defects
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Land and Recreation leases allowed
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Non-Stock Co-op mortgage loans allowed
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Non-Leasehold Coop mortgage loans allowed
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Blanket coop mortgages may be allowed
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Coop Loan terms up to 30 years
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5% down payment may be available
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No income verification with larger equity
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Home Equity Line of Credit (HELOC) available
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Manufactured Housing in coop communities
considered
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FOR
FURTHER INFORMATION CALL:
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