For Rossmoor co-ops or condos can you finance with conventional mortgage or do you have to buy with cash?

Asked by Rossmoor Curious, Rossmoor, Walnut Creek, CA Wed Jun 17, 2009

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Grace Hanamo…, Agent, Cupertino, CA
Wed Jun 17, 2009
Hello Ross:

Thanks for your question. If you are planning to purchase a condominium, then there are many programs available to you to finance the purchase. Depending on the price of the home (high or low balance mortgages), there may be loans available thorugh brokers, internet sites and banks. However, co-ops here in California are a slightly different purchase. Unlike a condominium, where the homeowner get a 'deed' for the purchase of the property, a co-op owner becomes a business partner in a community that owns the buildings and is issued a "share" when purchasing. As a result, a different type of loan may be needed to complete a co-op purchase.

For the best information on how to finance a condominium or co-op home in your area, contact your professional mortgage broker.

Good luck!!

Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
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