MORTGAGES FOR CO-OPS
CO-OP HOME LOANS
COOPS.NYC
Leader in Co-op Financing, Programs Available Nationwide
COOPERATIVE FINANCING SOLUTIONS
PRIMARY,SECOND HOME OR AS AN INVESTMENT
Purchase a Co-op
- 3% Down Payment
- Minimum Loan Amount $100k
- Maximum Loan Amount $50M
- Minimum Credit 620
Refinance a Co-op
- 75% LTV Cash-Out
- 80% LTV Refinance
- No Limit Cash-on-Hand
- Units Under 500 SqFt Allowed
Underlying Mortgages
- Amortizations Up to 30 Years
- Max Loan $50M
- Non-Warrantable Co-Op OK
- Under 5 Units OK
Non-QM for Co-ops
- No Income Check
- Investment Units
- Foreign National
- Bank Statement Program
Get a Quote : Our Form Is Quick & Secure
THE RIGHT CO-OP PROGRAMS FOR YOU
97% Financing
Buy a co-op with only 3% down payment
Self-Employed
No worries, we can help with alternate financing options
Jumbo Co-op
Our Max Loan Amount For Co-ops Is $50 million
Non-Warrantable Co-ops
Co-op buildings that don’t meet conventional guidelines
Investment Co-ops
Buy or refinance an investment co-op with our suitable loan programs
Commercial Co-ops
Co-ops that are used for commercial space can obtain mortgage financing
Reverse Mortgages
Over 62 years of age can now get a reverse mortgage on their co-op
HELOCs
Get a Home Equity Line of Credit on your co-op unit
APPROVED CO-OP BUILDINGS
LARGE DATABASE OF
APPROVED BUILDINGS IN NY
Although we finance co-ops nationwide, for New York only we have compiled a list of approved buildings in the state of NY. If your building in question is not on the list it doesn’t mean we can’t finance it.
Co-op Mortgage Loan Financing
What is a Co-op?
A housing co-op is a unique form of ownership where individuals collectively own and manage the building(s) they live in. Instead of purchasing traditional property, you become a member of a cooperative corporation by buying stock or a membership. This corporation owns the building, land, and common areas. As a co-op member, you have the right to occupy a specific unit and participate in the democratic governance of the cooperative. An elected board oversees operations, including the approval of new members and the enforcement of occupancy agreements.
Financing a Co-op?
Financing a co-op apartment is similar to financing any other real estate property, but it’s important to note that not all banks or lenders offer co-op loans. In order to approve a co-op loan, banks and lenders must assess both the borrower and the building. This means reviewing the building’s assets in addition to qualifying the borrower. Prospective buyers should thoroughly review the rules and fees of different co-op associations, as they can vary significantly.
How is a Co-op Mortgage Different?
Unlike traditional houses or condos that have individual deeds, co-ops operate differently. Instead of a deed for each unit, there is only one for the entire building. A co-op mortgage is essentially a “share loan” that allows you to buy a share in the co-op. This unique aspect makes obtaining a loan for a co-op more challenging compared to a traditional mortgage, as fewer lenders offer share loans.
Financing Process for a Co-op Building
The loan process for a co-op building involves a thorough examination of the by-laws, amendments, the building’s financials, the master insurance policy, the annual budget, and a questionnaire. Keep in mind that if a building does not meet conventional guidelines we do offer financing for non-warrantable co-ops. We have a large database of approved buildings in the state of New York and are able to bypass required documents if the building is on our approved co-op building list.
LET’S TALK Contact Us
GET STARTED TODAY
LATEST NEWS IN THE CO-OP MORTGAGE MARKET
Florida Co-op Home Closed in 32 Days with Newly Created LLC
At Coops.nyc, we recently had the pleasure of facilitating the closing of a Florida co-op apartment in just 32 days for a newly created LLC. The loan amount of $1.2 million was secured with a fixed rate interest-only term, using 12-month business bank statements as...
Cash-out Refinances for Co-ops, What are the Benefits?
Cash-out Co-op refinancing has lots of advantages, especially in today’s interest-rate housing market environment. Doing a cash-out refinance can be complex so requires assistance from leading co-op professionals. We help co-op owners refinance at lower rates enabling...
Did you Know Our Stand-Alone Second Mortgage for Co-op Products Allows a 50% Debt-to-Income Ratio?
Our stand-alone second mortgage for co-ops product is designed to provide you with the financial flexibility you need to tap into the equity of your co-op unit. With a minimum FICO score requirement of 680, we aim to make this option accessible to a wide range of...