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.

Learn about Florida Condo Milestones Inspections here.

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