lifesaver2562, Home Buyer in Fort Lauderdale, FL

Can you mortgage a co-op in Fla?

Asked by lifesaver2562, Fort Lauderdale, FL Sun May 5, 2013

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Answers

8
Good Afternoon
Yes you can mortgage a co-op, as long as the co-op allows mortgages.
1 vote Thank Flag Link Mon May 6, 2013
We offer FNMA Financing on Co-Ops. Feel free to contact us if you require assistance. We are licensed in 18 states including FL.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Sun May 5, 2013
Yes! I have done this!

Susan Penn, PA, SFR, CDPE http://about.me/HomesForSale_SusanJPennPA
EWM Realtors® | A HomeServices of America Company | An Affiliate of Berkshire Hathaway
2000 Main Street, Suite 103 | Weston, FL 33326
T: 954.306.7337 | C: 954.557.5993 | F: 954.515.0200 | penn.s@ewm.com | http://www.ewm.com
0 votes Thank Flag Link Sun May 5, 2013
Very difficult to find anyone to finance a co-op. Most Co-ops are sold cash. In a co-op you owner shares of the co-op and not fee simple arrangement as is the case in a regular condo sale.
0 votes Thank Flag Link Sun May 5, 2013
It is very difficult to find a lender who will give a mortgage on a co-op or a building that does not have Reserves. If you do find someone that will provide a mortgage you will need a minimum of 25% down if it is a permanent residence and 30% if it is not.

Barbara Easton-Irvin
Atlantic Properties
954-740-7844

Check out my website at http://www.FortLauderdaleHomes4U.net
0 votes Thank Flag Link Sun May 5, 2013
Many co-ops will not accept but only cash buyers. However, those who will accept a buyer who needs to finance a purchase, there are only a very few lenders who will loan against a co-op but they will require a hefty cash down and the interest rate will be higher than the normal rate of a conventional loan ( of course, the rate will also depend on the borrower's credit score).

John Bourassa, Realtor
RE/MAX First
Fort Lauderdale
0 votes Thank Flag Link Sun May 5, 2013
Call a mortgage broker who may be able to help you with the purchase of a co-op. Preston Ware 561-329-0075. Or, go to http://www.PrestonWare.com.

In my experience, most coops are purchased with cash. Also, even if you are able to obtain a mortgage, you will still need to put at least 25% down on this property.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
Web Reference: http://www.JablonTeam.com
0 votes Thank Flag Link Sun May 5, 2013
Yes, you can but only a very few lenders will mortgage a co-op; the vast majority will not. Contact me for more information.
0 votes Thank Flag Link Sun May 5, 2013
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