The Financing Process for a Co-op Apartment

I’m often asked if the mortgage process and rates are different for a Co-op compared to other property types. Generally, the rates tend to be similar for a Co-op compared with other property types. With regard to the loan process, there are 2 steps to financing a Co-op apartment on our side, and a 3rd step will be required from the building in which you are buying. As a result, the process of buying and closing on a co-op apartment can take from 2-6 months, depending upon the buyer, the building and the board.

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First Time Buyer Programs for Co-ops

Many buyers think that a down payment of 20% or more is required for a co-op. However, that’s simply not true with all buildings! While each building has its own set of By-Laws and you will have to abide by their down payment requirements, there are a large number of Co-ops in New York that allow for less than 20% down payment.

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What makes a Co-op “Non-Warrantable”?

For most co-operatives in New York City, financing is readily available through the conventional loan process. But some buildings and transactions are deemed “non-warrantable” and finding financing for co-op apartments in these transactions can be challenging.

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