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-ops
- 3% Down Payment
- Minimum Loan Amount $100k
- Maximum Loan Amount $50M
- Minimum Credit 620
Refinance a Co-ops
- 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
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THE RIGHT CO-OP PROGRAMS FOR YOU
97% Financing
Buy a Co-ops with only 3% down payment
Self-Employed
No worries, we can help with alternate financing options
Jumbo Co-ops
Our Max Loan Amount For Co-ops Is $50 million
Non Warrantable Co-Op Financing
Co-ops buildings that don’t meet conventional guidelines
Investment Co-ops
Buy or refinance an investment Co-ops 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-ops
HELOCs
Get a Home Equity Line of Credit on your Co-ops unit
No Income Check Purchase
With a 25% down payment, you can purchase a Co-ops with no income verification.
No Income Check Refinance
No personal income is used to qualify for a Co-ops refinance; just need credit and equity.
Bank Statement Program
Co-ops are Eligible Properties under our Bank Statement Program.
DSCR Co-ops
Use rental income to qualify for an investment Co-ops unit.
APPROVED Co-ops 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.
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