Co-op Housing
Most financial institutions do not lend on Co-ops and those that do generally require a larger down payment even if you are a first time homebuyer.
Interest rates are negotiated on an individual basis
Property must be owner occupied.
Lender will require written consent from the co-op board prior to issuing a commitment letter.
Lender will also require an assignment of lease and hypothecation of shares.
Co-op must own the real estate clear title.
