Condominium (Condo) and Cooperative (Co-op) Mortgages are underwritten differently from single family homes.
Consumers will experience not only the lender approval of themselves as applicants, but the Condo / Co-op Project must be approved by the lender as well.
In addition to the above, co-op ownership differs from condo ownership in that with a co-op, the consumer is purchasing shares of a corporation.
Cardinal Mortgage has many loan programs available for condos and co-ops including financing for primary homes as well as vacation homes and investment units.
In many cases, we work with lenders that may have the condo or co-op on a “pre-approved” list. This makes getting the project approval much simpler.
Fixed rates, adjustable rates and first time home buyer programs are available for condos and co-ops.
In addition, both FNMA and FHA loans may be available. FHA loans would be available for condos only (no co-ops) and require that the projects be FHA approved.
Finally, Cardinal can arrange financing on condos and co-ops with portfolio lenders that may allow title to be in the name of an entity such as an LLC or Trust.