Can I get a mortgage on a co-op?
Co-ops are uncommon in Florida and financed differently. You're buying shares in a corporation, not real estate. So they require a share loan, not a traditional mortgage. Fewer lenders offer them.
Where co-ops exist, we'll connect you with a lender that handles share loans. We then confirm the building's financials support financing.
A different kind of loan
Co-ops are less common in Florida, but they can be financed. With a co-op, you buy shares in a corporation that owns the building. You do not buy the unit itself. That is why it uses a special share loan.
Not all lenders offer co-op financing, so it takes the right lender.
What to know
Co-op boards often have approval rules and financial requirements for buyers. Financing terms can also differ from a standard mortgage. We help you navigate the process.
If you found a co-op, we can help. Apply now and we will check your financing options.
Verify the details for your own situation against these government and agency sources: CFPB Owning a Home guide and HUD homebuyer resources.