What is a Florida Coop?

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 Coop, each participant (or shareholder) gets to occupy a unit in the housing complex.

Coops properties are often treated like second homes and are quickly growing in popularity among Florida vacationers looking for time share real estate.

Florida Coop Financing Requirements:

• Max 80% LTV [ 20% minimum down payment ] 
• Second Home and Investment Properties allowed
• Loan amounts up to $6 Million
• Minimum FICO 680
• ARM and 30 Year-Fixed Options available
• Purchase, Rate Term and Cash-Out Refinance options available
• Refinances – unit owner must have Coop Stock Certificate
• Unit must have a kitchenette/kitchen with a full stove
• Homeowners Association must not limit days the unit can be accessed
• Non-warrantable Condominiums and Condotels included
• $200,000 minimum loan amount

Not allowed:

• Structural deficiencies and certain pending litigation
• Incomplete construction of the subject phase
• Units without a stove top and oven – must have both
• Homeowners Association with $0 reserves
• Homeowners Association limits the number of days the property can be accessed

Approved/Evaluated Case-by-Case:

•  Low HOA budget reserves – HOA delinquencies exceeding 15%
• Condo Questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and questionnaire must pass underwriter review.
• Coops with less than 500 square feet allowed at a max 70% LTV
• Coops with kitchenettes [ including full stove top and oven ] allowed on a case-by-case basis

Currently, the Coop 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 Coop with Fidelity Home Group headquartered in Orlando, Florida! 

Fidelity Home Group has experienced mortgage experts who are experts in the field of Coop 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