Co-Op Loans | Coop Loans | Coop Mortgages

Co-Op Home Loans

Having trouble securing a loan for your co-op?
Look no further than Total Mortgage for your financing needs.

Fixed Rate Mortgage

Why is a co-op mortgage different?

A traditional house (or a condo) has a deed, which is signed to a lender when you secure a mortgage.

But—you guessed it—co-ops are a little different.

Individual units don’t have deeds; there’s just one of those for the entire building. A co-op mortgage is actually a “share loan,” or a loan that lets you purchase a share in the co-op. This difference makes securing a loan for a co-op a little trickier than a getting a traditional mortgage—fewer lenders offer share loans

What's a co-op

A housing cooperative is a group (usually a corporation) that owns a piece of real estate, like an apartment building. Instead of buying a specific unit in a co-op building, you have to purchase a share of the corporation, which then grants you a proprietary lease on a unit in the building. As a shareholder, you are partially responsible for maintenance fees and property taxes, and own common areas (like hallways) jointly.

To buy into a co-op, you must be approved by the co-op board. The approval process is often extensive, and may require interviews, character references, and employment, financial, and credit history. Co-op boards can refuse a prospective buyer for any reason, so long as it doesn’t run afoul of anti-discrimination policies

Co-ops are very common in New York City and a few other major cities, where they arose as a result of rent control laws.

How's a Co-Op Different than a Condo?

Why Use Total Mortgage for Your Co-Op Mortgage?

We understand the complications that crop up with co-op mortgages.

Want to learn more? Give us a call or fill out the form on the right.

Co-op Loans are different than normal loans, since:

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Why choose Total Mortgage?

Let’s get your co-op loan done fast. Get started now by filling out our form or calling 203-707-5693