Financing Your Condo, Co-Op, or Townhouse

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If you can get a mortgage, the condo association will generally let you buy a place, Hardy says. For the best experience, please enable cookies when using our site. Go to your professional dashboard. My Home Get quick and easy access to your home value, neighborhood activity and financial possibilites. Saved Homes Click the to save properties. Saved Searches Click Follow Search to get alerts on new listings.

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Financing Your Condo, Co-Op, or Townhouse - National Association of REALTORS® - OverDrive

Home Renting Tips Debunked! Find your dream home in. Find homes for sale on. It Pays to Be a Homeowner: Popular Homes Based on your last search. Fri Apr 2, Yes, you can still get financing from a lender if you need it unless you a buying in to a very high end coop that does not allow financing.


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When you do get a loan it is a personal loan not a mortgage because you are purchasing shares in a corporation that owns the real estate as opposed to purchasing the real estate when you buy a house or condo, This changes the underwriting a bit, but you probably won't notice the difference. By income restricted coop I assume you are referring to coops sponsored by housing development fund corporations. These are formerly distressed properties that were taken over by New York City, usually through tax foreclosure, and transferred to non-profit organizations to rehabilitate.

Since the city subsidizes the rehabilitation, the policy is to make it affordable, for New York City, to stabilize the community. Though the price tags may seem high to you, they are actually well under what similar properties sell for at market rate. Rand Miller , , Northport, NY. Tue Mar 30, Good comments already, but keep in mind, if you are purchasing a coop, yes only certain lenders lend on coops, in fact we have a stated income program that works on coops, but the coop boards usually decline a stated income buyer.

Condos are easier because you are the owner and don't have to worry about a board restricting or preventing you from financing even though the lender will approve your financing request. Best wishes to you.


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  6. Hi Karne, I grew up in Weekhawken small world. In order to qualify the buyer can only make a certain amount of money to qualify for the unit. As for the financing aspect of it, the process is similar to any other loan. Keep in mind that when purchasing a co-op, just because you may qualify for the mortgage does not necessarily mean you will meet Board requirements--these requirements do vary from complex to complex--such as money down, percentage of debt to income ratio, salary requirements, etc.

    Your agent can advise you best on any of the complexes and requirements, etc. While the process may be similar for obtaining financing in a coop or condo technically there is a difference.

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    In a coop it is not a mortgage but rather a coop loan. Coops are not real property since you are purchasing shares in a corporation rather than purchasing real estate. The coop has the first lien on the property.

    The lender is second. Currently when you finance a coop you are exempt from NY state mortgage recording tax.

    Financing Your Condo, Co-Op, or Townhouse

    However, the Governor is trying to impose that tax on coops as well. Most coops that have income restrictions are HDFC coops. They are "affordable housing" subsidized by NYC.

    Co-op vs. condo: What's the difference?

    Usually the asking price is below market. Many are "limited equity" coops.

    Co-op vs. Condo: What's the Difference Between These Types of Homes?

    The city subsidizes a portion in return for the coop maintaining affordability. If you sell before a certain time period years there is usually a flip tax. A portion of your profit goes back to the coop and you have to sell to a buyer that fits the income restrictions.