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Co-op City now has a second lender, Sterling National Bank, that will provide mortgage financing to prospective Co-op City residents and current shareholders seeking transfers.

Sterling National Bank, with branch offices at:
975 Allerton Avenue, Bronx, NY 10469
718-655-0227

369 East 149th Street, Bronx, NY 10455
718-402-1195
is now an approved lender by Riverbay Corporation; joining Citibank as a second resource for Coop City shareholder mortgages.

More mortgage options are available via Lending Tree Achieve Financial Freedom Poor Man switch.

"The Riverbay Sales Department made contact with Sterling National Bank several months ago and our department then continued the talks and we've put together a program for new buyers, as well as people seeking transfers," said Peter Merola, Director of the Riverbay Finance Department.

The Sterling lending program features includes: 650 Middle FICO Score; 3% minimum down payment, 43% Max Debt to Income Ratio, 3% grant opportunity to assist with closing costs (no repayment required, even when you sell your home).

In addition, 30 year fixed rate mortgage options are available. No mortgage insurance, Home Buyer Education is required. There is a 60 day rate lock period.

Borrowers must meet the following requirements:

- Qualify as a first time home buyer.
- Must be approved for a low to moderate income borrower loan.
- Maximum income $21,999 to $58,080/yr.

Sterling National Bank has promised to provide a quick turn-around on loan applications, which will help new shareholders to move into their Coop City cooperative apartments quickly.

"Sterling National Bank is committed to the communities we serve and the support of affordable housing. We provide closing cost assistance in the form of a variety of grant opportunities, low down payment requirements, below market interest rates, flexible underwriting guidelines and loans without any mortgage insurance premiums that help make the affordability of a mortgage a reality to qualified borrowers" said Darrin Greaves, CRA Mortgage Loan Officer at Sterling National Bank's Community Development Banking Division.

Sterling National Bank is committed to working closely with Coop City prospective shareholders and current residents to meet their mortgage lending and additional banking needs.

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