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