Compared to other property types, there is an additional step when purchasing or refinancing a condo or a coop. The coop and/or condo project itself has to be approved, in addition to the borrowers. Often that has already been completed. If that is not the case, we will work with the Homeowner’s association or Management Agent directly. Contact one of our mortgage loan originators for more information on project approval.
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While co-ops tend to attract higher monthly fees than condos, they usually sell for lower prices.
With a condo, you own a single unit, and you also have use of common areas such as parking lots, hallways, walkways, swimming pools, and gyms. In addition to the mortgage and taxes, monthly home ownership fees are also part of the parcel which account for costs toward maintenance and upkeep of the property.
When you purchase a co-op, you purchase stock in the corporation and become a shareholder. This allows you to lease a unit on the said premises. Since a corporation owns the real estate, monthly fees come in the form of the entire property’s mortgage, taxes, and any other applicable charges. The number of shares you own has a bearing on the fees you pay.
We offer loan programs for condos and co-ops even if you are a first-time home buyer. Depending on what you’re after, you may choose from fixed rate and adjustable rate mortgages. You may qualify for a Federal Housing Administration (FHA) loan, although they are made available only for condo projects and not for co-ops. In addition, the condo project you are looking at needs to be FHA approved.
Condos and co-ops come with a fair share of differences, especially when it comes to buying and owing a home, which is why you should start by determining which one works better for you. Let one of our mortgage loan originators look into your circumstances and then guide you in the right direction.
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