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 Florida vacationers looking for time share real estate.

Co-op Mortgage Financing Requirements:

• Second Home and Investment Properties allowed
• Max 80% LTV for Primary or 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
• 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

Approved/Evaluated Case-by-Case:

•  Low HOA budget reserves – HOA delinquencies exceeding 15%
• Co-op Questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and questionnaire must pass underwriter review.
• Co-ops with less than 500 square feet allowed at a max 70% LTV

Currently, the Co-op purchase market in South Beach, Panama City, Palm Beach and Miami is trending upward with the economy. Several other Florida cities are in prime season for buying. Take advantage of the market and discuss financing for your Florida Co-op with Fidelity Home Group headquartered in Orlando, Florida! 

Fidelity Home Group has experienced mortgage experts who are experts in the field of Co-op Financing. We offer top tier technology, competitive interest rates, and a commitment to help you achieve your dream of homeownership. We can be contacted several ways to help answer any questions you may have:

Call us at toll free at 888 259 2257
Call or Text us at 407 955 4575