Condo & Co-Op

Find the Right Mortgage for a Condo or Co-Op

The process of getting a mortgage for buying a home that’s part of a condo or a co-op is slightly different than if you’re buying a single-unit home. It involves reviewing and approving the buildings or structures in addition to your loan application. We have an in-house project review team for condos and co-ops, and it ensures that the home you seek fulfills our lending guidelines. Our dedicated mortgage experts are here to make the process as seamless for you as possible.

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Condos & Co-Ops – The Differences

Condos and co-ops are similar in the manner that residents live in separate units and share common areas, but there are differences as well.

CONDOS

When you buy a condo, you become the owner of a single unit and you also get ownership of a percentage of the common area. You’ll need to pay condo association fees that account for costs involved in the property’s maintenance. Condo residents tend to get access to more amenities than co-op owners, which may come in the form of swimming pools, gyms, and sports areas.

CO-OPS

Buying a home that’s part of a co-op involves purchasing stock in a corporation and becoming a shareholder. While you don’t own the unit, you get a say in the corporation’s running. Buying a home in a co-op is typically cheaper than purchasing one in a condo, but you might need to make a larger down payment. Monthly fees cover the co-op’s mortgage and property taxes, although other charges might also apply.

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The Loan Types We Offer

Whether you’re a first-time homebuyer or are looking to invest in a home that’s part of a condo or co-op, we might have something for you. If your search limits to a condo, you may apply for a conventional loan or an FHA loan, provided you meet the required eligibility criteria. If you need a loan to buy a home in a co-op, we can provide a share loan that gives you the ability to move forward with the purchase.

Given that getting a loan to buy a home in a condo or a co-op requires following different processes, it’s important to determine which path you wish to take at the very beginning. Our mortgage loan originators have the required knowledge and expertise to answer all your questions, and they can help you make a well-informed decision.

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Guide for First-Time Homebuyers

If you plan to buy a home but don’t know how to go about the process, consider going through our in-depth guide for first-time homebuyers.