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

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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.

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LATEST NEWS IN THE CO-OP MORTGAGE MARKET

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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...

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Cash-out Refinances for Co-ops, What are the Benefits?

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