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Orlando Co-op Mortgages

Orlando Co-op Mortgage Financing

What is a Coop or Co-op?

A coop/co-op, which is also known as a cooperative share [ or cooperative housing ], is a multi-family housing complex that is owned by a corporation. Instead of purchasing an individual unit, as would be the case with a traditional condominium complex, you purchase a share of the corporation that owns the building. Therefore, you are essentially a shareholder in the corporation, versus a typical homeowner. With a Co-op, each participant [ or shareholder ] gets to occupy a unit in the housing complex.

Co-ops properties are often treated like second homes and are quickly growing in popularity among Orlando vacationers looking for time share real estate.

Orlando Co-op Mortgage Financing Requirements:

  • Second Home and Investment Properties allowed
  • Max 80% LTV for Second Homes [ 20% minimum down payment ] 
  • Max 75% LTV for Investment Properties [ 25% minimum down payment ] 
  • Loan amounts up to $6 Million
  • Minimum FICO 680
  • ARM and 30 Year-Fixed Options available
  • Purchase, Rate Term and Cash-Out Refinance options available
  • Unit must have a cooktop in kitchen
  • $200,000 minimum loan amount

    Not allowed:

    • Structural deficiencies and certain pending litigation
    • Incomplete construction of the subject phase
    • Homeowners Association with $0 reserves
    • Units without a cooktop
    • Refinances must have stock certificate

    Approved/Evaluated Case-by-Case:

    •  Low HOA budget reserves – HOA delinquencies exceeding 15%
    • Condo Questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and questionnaire must pass underwriter review.
    • Coops with less than 500 square feet allowed at a max 70% LTV

    Get Pre-Approved by Orlando Co-op Mortgage Experts

    Orlando Co-op Mortgages