Sponsored co-op apartments have become a popular way to get into a co-op building while avoiding the dreaded co-op board hassle. There are other real advantages to getting mortgages to finance sponsored co-op apartment arrangements, so it takes knowledgable professionals like those with Coop Depot to get the best deals at the best rates. Coop Depot features registered mortgage brokers licensed by the New York State Department of Financial Services.
Sponsored apartments date to the 1980s when rent-controlled buildings in New York City started being converted into co-ops. Tenants had to buy their apartments to remain inside. Many of these apartments are on the market today with a major advantage being no need for co-op board approval.
Coop Depot pros know the ins and outs of the process as buyers generally get a break on down payments. Buyers with the right representation only have to put down 20 percent rather than traditional 25 to 30 percent needed in many co-op purchases. Highly trained mortgage professionals who know various programs can even find 10 percent down loans.
Mortgage options apply to conforming loans only with jumbo and interest-only loans unavailable. Sellers may not require cash reserves, but banks demand reserves. The minimum loan for buying a sponsored co-op is $625,500 or less with two months reserves in the bank mortgage account. This is advantageous since non-sponsored co-ops can require one to three years of maintenance and mortgage reserves.
With fewer hoops to navigate along with avoiding nasty co-op bard interviews, sponsored co-op apartments generally can be bought faster without the hassles. They may need more fixing up since they haven’t been bought and sold before.
Feel free to use the simple online form for no-cost, no-obligation rate quotes. Coop Depot professionals also may be contacted by e-mail or toll-free phone.
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