Co-Op Share Loans

Key Program Benefits

• Accessible Financing Options – Affordable loan solutions tailored for co-op housing.
• Fixed and Predictable Payments – Enjoy long-term housing payment stability.
• Build Long-Term Financial Equity – Invest in your future with co-op homeownership.
• Inclusive Borrower Eligibility – ITIN borrowers and alternative credit considered.
• Secure and Stable Housing Solutions – Protection from displacement and rising rents.
• Community Wealth Building – Strengthening financial resilience for co-op residents.

Loan Highlights

• Loan Amounts: $10,000 – $150,000 (exceptions based on property value and borrower qualifications).
• Loan-to-Value (LTV): Standard maximum of 95%.
• Fixed Interest Rate: Competitive rates, often lower than standard conventional mortgage rates.*
• Loan Terms: 10 to 30 years.
• Minimum Credit Score: 620 (alternative credit considered).
• Debt-to-Income (DTI) Ratio: Maximum 45%.
• Reserves Required: Minimum of three months.
• ITIN Applicants Considered

* Interest rates for the TRP Co-Op Advantage Share Loan are typically 1.5% lower than the rates published on Mortgage News Daily. Rates are subject to change without notice and may vary based on factors such as market conditions,creditworthiness, loan amount, loan term, and property type. The quoted rates do not include all fees, costs, taxes, or insurance. Your actual rate and APR will be determined after a full review of your application. Terms and conditions apply. Please contact us for the most up-to-date rate information.

Explore Co-Op Housing Opportunities Today

Find out how co-op homeownership can help you achieve financial stability and build long-term equity. Contact us today to learn more!

Required Documents for the TRP Co-Op Advantage Share Loan

When applying for a co-op share loan—whether for a purchase or refinance—certain documentation will be required. The specific documents needed may vary based on your individual situation. Please review the general requirements below based on your loan type. Once your application is submitted, we will assess your case and confirm the necessary documentation.

Documents Required for a Co-Op Share Loan – Purchase

Personal & Income Documentation

• Proof of Income for all applicants:
  • Wage Earners: Last two months of pay stubs.
  • Self-Employed Individuals: Last two years of tax returns (personal and business) plus a year-to-date profit and loss statement.
  • Retirement Income: Most recent award letter (for Social Security, SSI, pension, etc.).
  • Other Income Sources: Most recent benefit letter for disability, unemployment, alimony, child support, etc.

Financial Documentation

• Last Two Years of Federal Tax Returns (signed and including all schedules).
  • If you do not file tax returns, please contact us to review.
• Last Three Months of Bank Statements (all pages, from all accounts).

Identification & Insurance

• Government-Issued Photo ID (e.g., driver’s license or passport).

Co-Op & Purchase-Specific Documentation varies per case, please contact us for more information

Documents Required for a Co-Op Share Loan – Refinance

Financial Documentation

• Last Two Years of Federal Tax Returns
• Last Three Months of Bank Statements

Identification & Insurance

• Government-Issued Photo ID (e.g., driver’s license or passport).
• Homeowner’s Insurance Declarations Page.

Co-Op & Refinance-Specific Documentation

• Current Proprietary Lease & Recognition Agreement.
• Current Stock Certificate.
• Most Recent Co-Op Maintenance Statement, showing monthly charges.
• Current Loan Statement from the current lender (if applicable).
• Recorded UCC-1 Financing Statement (if applicable).

Additional Documentation (Varies per case)

• Gift Letter (if receiving a financial gift for the purchase).
• Divorce Decree or Child Support Order (if using or obligated to pay support).
• Contractor Bids, Invoices, or Estimates (if loan proceeds will be used for co-op unit improvements).

Explore Co-Op Housing Opportunities Today

Find out how co-op homeownership can help you achieve financial stability and build generational wealth. Contact us today to learn more!

TRP Lending, LLC
1818 S. Paulina St.
Chicago, IL 60608
NMLS# 1434425

All loans are originated by TRP Lending, LLC, an Illinois Mortgage Licensee #Mb.6761143
For licensing information, go to www.nmlsconsumeraccess.org