FLORIDA CO-OP MORTGAGE LENDERS TERMS
The ARM is a 1st mortgage adjustable rate loan with principal and interest payments amortized over 30 years.
- 3/1 ARM: Rate is fixed for 3 years.
- 5/1 ARM: Rate is fixed for 5 years.
- 7/1 ARM: Rate is fixed for 7 years.
- 30 Year fixed for 30 years.
FLORIDA CO-OP MINIMUM & MAX LOAN AMOUNTS
• $100,000 minimum loan amount. Exceptions considered on a case-by-case.
• Co0OP Loan amount exceptions over $4,000,000 available.
FLORIDA CO-OP MORTGAGE LENDERS CREDIT REQUIREMENTS
• 680 middle score required with some exceptions allowed for lack of credit or unestablished credit.
• For co-co-op mortgage applicants and co-mortgagers, the lowest mid-score is used for pricing and qualification.
• Meeting the minimum credit score requirement does not automatically constitute a credit approval. A pattern of
adverse credit or overextended credit may disqualify co-op mortgage applicant from financing, even if the minimum credit score is met.
• Credit report is used for Pre-Approval and co-op mortgage lenders will also pull credit before issuing a conditional
approval. Mid-score from co-op mortgage lenders credit pull is used for pricing and qualification.
No Credit or Limited Credit
• No credit or limited credit profiles are allowed on a case-by-case basis for U.S. citizens.
• No U.S. credit or credit score is required for the Work Visa/Expatriate/Immigrant Program or Foreign National Program
FLORIDA CO-OP MORTGAGE LENDERS OPTIONS INCLUDE:
- Primary Florida Co-op Mortgage Lenders
- Second Home Florida Co-op Mortgage Lenders
- Investments Florida Co-op Mortgage Lenders
- Cash Out Florida Co-op Refinancing
- Second Florida Co-op Home Financing
- Jumbo Florida Co-op Loans
- Low Florida Co-op Closing Costs
- Up to 80 Percent Florida Co-op Mortgage Loans
FLORIDA CO-OP MORTGAGE MAXIMUM DEBT TO INCOME
Maximum Florida CO-op Mortgage Lenders Debt To Income Ratio
• 43% maximum back-end ratio.
FLORIDA CO-OP MORTGAGE LENDERS APPROVAL PROCESS
2. PRINT OUT CONDO QUESTIONNAIRE FOR ASSOCIATION TO FILL OUT COMPLETE. the questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a”
or “unknown,” and the questionnaire must pass underwriter review.
ELIGIBLE FLORIDA CO-OP PROPERTY TYPES & OCCUPANCY
Florida Co-op Occupancy Permitted
• Primary Florida Co-op Residence
• Second Florida Co-op Home (minimal rental income allowed)
• Investment Florida Co-op Property (non-owner Florida Co-op occupied) permitted at maximum Florida Co-op loan of 60% LTV
ELIGIBLE FLORIDA CO-OP MORTGAGE REQUIREMENTS
• Minimum Down Payment 20% For Florida Co-op Mortgage Lenders
• Title Insurance for Florida Co-ops title policy issued through a title company or closing attorney must be issued on Florida Co-op certificate
• Leaseholds Florida Co-op allowed on a case-by-case basis
BAD CREDIT FLORIDA CO-OP MORTGAGE LENDERS CREDIT REQUIREMENTS
• Late payments on any mortgage, installment or revolving account of 2×30, 1×60 or more will typically disqualify a
borrower from financing. Exceptions will be reviewed on a case-by-case basis at a lower LTV.
• A pattern of adverse credit or overextended credit may disqualify borrower from financing, even if minimum credit score
is met. Borrowers with 3x monthly income amount in unsecured consumer debt are generally disqualified.
FLORIDA CO-OP MORTGAGE LENDERS REQUIREMENTS AFTER FORECLOSURE, BANKRUPTCY, SHORT SALE
• (4)Four-year seasoning from BK discharge date or sale of property
• Maximum 60% LTV or 40% downpayment
• No derogatory credit allowed since the bad credit event
• Strong extenuating circumstance and signed letter of explanation from co-op mortgage applicant detailing event required.
NOT ALLOWABLE FOR FLORIDA CO-OP MORTGAGE LENDERS
– Structural Florida Co-op deficiencies and certain pending litigation (please contact your AE if litigation is not related to a structural issue)
– Incomplete Florida Co-op construction of the subject phase
APPROVED OR ALLOWED FLORIDA CO-OP MORTGAGE LENDERS CASE BY CASE:
– Low Florida Co-op HOA budget reserves
– HOA Florida Co-op delinquencies exceeding 15%
• Florida Co-op mortgage lenders Questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and the Florida Co-op questionnaire must pass underwriter review.
• Florida Co-ops mortgage lenders price Florida Co-ops the same as Non-Warrantable Condos, regardless of loan size or Florida Co-op questionnaire findings.
• Florida Co-op must pust have a full kitchen and at least one separate bedroom. Minimum Florida Co-op size 500 square feet generally required. Efficiency Florida Co-ops or studio units are not permitted.
• Coinsurance Florida Co-op is considered case-by-case if no agreed amount endorsement is available.
SELF EMPLOYED FLORIDA CO-OP MORTGAGE LENDERS
Self-Employed co-op mortgage Income calculations
• Borrower should be self-employed in the U.S. for a minimum of 2 years (max 80% LTV).
• 2-years business & personal tax returns required, plus year-to-date Profit & Loss statement.
• Business tax returns required for all businesses in which the borrower has 25% ownership or more. On occasion
business tax returns are needed if the borrower is has less than 25% ownership.
• Fannie Mae cash flow analysis form can be used.
• NOL Carryover Loss: Treated case-by-case when truly a one-time occurrence (i.e. real estate loss, lawsuit settlement or some other form of a truly one-time occurrence). Detailed CPA letter addressing the one-time occurrence is required.
• Less than two years self-employment is considered on a case-by-case basis with a reduced LTV.
REQUIRED BY FLORIDA CO-OP MORTGAGE LENDERS
• 2-months bank statements for monthly asset accounts, and most recent statement for quarterly asset accounts
(VOD not permitted).
• 6 months PITI for all Florida co-op properties owned including subject.
• At least 3 months of the subject property’s reserves must be liquid non-retirement.
FLORIDA CO-OP MORTGAGE LENDERS CASE BY CASE MORTGAGE APPROVALS
• Florida Co-op Current reserve balance meets or exceeds 2 months of the subject property’s Florida Co-op HOA dues in reserves multiplied by all Florida Co-op units in the Florida Co-op project or 10% or more reserve allocation designated in the most recent Florida Co-op budget.
SECOND HOME FLORIDA CO-OP MORTGAGE LENDERS
• Florida Co-op Mortgage Lenders will typically define a property as a second Florida Co-op home if it is (1) located in a vacation or resort area 30 or more miles from the primary Florida Co-op residence or (2) used a Florida Co-op college housing for enrolled dependent within 5 miles of campus)
• Short-term Florida Co-op rental income is allowed on second Florida Co-op homes and generally does not constitute a Florida Co-op investment property designation. Florida Co-op Rental income cannot be used to qualify. An evaluation of the 1040 Schedule E is required.
FLORIDA CO-OP MORTGAGE FOR INVESTMENT PROPERTY
• Property titled in LLC allowed
• Maximum Florida Co-op 60% LTV for investor Florida Co-op mortgage lenders.
• Gross rental income is calculated by using a 12 month average of the net Schedule E income (Line 21) plus depreciation, mortgage interest paid to banks, taxes and insurance, and Florida Co-op HOA dues.
• Rental income not appearing on Schedule E may be considered case-by-case with 3 months canceled checks and a
current lease agreement. Use 75% of gross rent as gross rental income.
• Immediate Florida Co-op rental income on the purchase of an investment property is allowed using 75% of the monthly rent schedule as documented by Form 1007 or 1025.
• Cash-out is allowed up to $3,000,000 with no seasoning required.
WHAT IS A FLORIDA CO-OP AND HOW DO I GET A FLORIDA MORTGAGE?
A Florida Co-op or cooperative apartment is an individual living unit within a Florida Co-op building or development where a buyer purchases shares (equal to the value of the unit) in a Florida Co-op corporation that holds title to a building Coops are predominantly located. Normally a Florida Co-op sponsor will buy the building (takes out the underlying Florida Co-op mortgage) and then will sell off the shares. Therefore, when buying a coop, you are actually buying Florida Co-op shares in a corporation, not buying real property.
HOW TO FLORIDA CO-OP BUILDINGS GET PRE QUALIFIED BY FLORIDA MORTGAGE LENDERS?
To start with Florida Co-op lender will look at the following factors to see if a particular Florida Co-op building corresponds with their guidelines: the Florida Co-op property’s resale value, investor concentration, and Florida Co-op owner occupancy. Based on the previous example, if there are 20 units, five sponsor rentals and 15 sold units (with 12 owner-occupied units and 3 units being rented by the Florida Co-op owners), the following ratios and guideline percentages result:
HOW IS A FLORIDA CO OP DIFFERENT FROM A HOUSE OR CONDO?
When you get a mortgage to purchase a house or condo you get the deed. But not with a Florida Co-op, individual units do not have individual deeds. A Florida Co-op mortgage is actually a “share-loan” or a loan that purchases a share within in the Florida Co-op. The difference makes securing a loan for a Florida Co-op more complicated them getting a traditional mortgage and fewer mortgage lenders offer share loans.
FLORIDA COOP BOARDS AND APPROVAL RULES
To buy into a Florida Co-op, you must be approved by the Florida Co-op board. The approval process is often extensive and may require interviews and character references, in addition to your employment, financial, and credit history. Florida Co-op boards can refuse a prospective buyer for any reason, so long as it doesn’t run afoul of anti-discrimination policies. What you can do WITH your Florida Co-op unit. As a Florida Co-op shareholder, you don’t have the right of alienation where basically, you can’t sell your Florida Co-op share (or rent your Florida Co-op unit) without the permission of the Florida Co-op board. Some Florida Co-op associations have the right of first refusal, meaning they have the option to buy the property before you offer your Florida Co-op to outside buyers. Florida Co-op boards, though, can simply deny a sale without matching the sale price.
HOW FLORIDA COOP OWNERSHIP DIFFERS FROM CONDO OWNERSHIP
When you purchase a condominium you are purchasing a specific unit the surface and the interior walls of the unit in the space the condo contains. With a Co-op, you are purchasing a share in a corporation, which then entitles you to a unit. This share is considered personal property rather than real estate.
- Alachua FL Co-op Mortgage Lenders
Alachua | Gainesville | Hawthorne
- Alachua CO-OP MORTGAGE LENDERS
- Baker Macclenny FL Co-op Mortgage Lenders
- Baker CO-OP MORTGAGE LENDERS
Bay Panama City FL Co-op Mortgage Lenders
- Bay CO-OP MORTGAGE LENDERS
Bradford Florida CO Op Mortgage Lenders
- Bradford CO-OP MORTGAGE LENDERS
Brevard Cape Canaveral | Cocoa | Cocoa Beach | Indialantic | Melbourne | Melbourne Beach | Palm Bay | Rockledge |Satellite Beach | Titusville | West Melbourne
- Brevard CO-OP MORTGAGE LENDERS
Broward Coconut Creek | Coral Springs | Dania Beach | Davie | Deerfield Beach | Fort Lauderdale | Hallandale Beach |Hollywood | Lauderhill | Lighthouse Point | Margate | Miramar | Oakland Park | Pembroke Pines | Plantation |Pompano Beach | Tamarac | Weston | Wilton Manors
- Broward CO-OP MORTGAGE LENDERS
- Calhoun CO-OP MORTGAGE LENDERS
- Charlotte CO-OP MORTGAGE LENDERS
- Citrus CO-OP MORTGAGE LENDERS
Green Cove Springs | Orange Park
- Clay CO-OP MORTGAGE LENDERS
Everglades City | Marco Island | Naples
- Collier CO-OP MORTGAGE LENDERS
Columbia FL Co-op Mortgage Lenders
No web sites found at State of Florida.com for cities and towns in Columbia
- Columbia CO-OP MORTGAGE LENDERS
Miami Florida FL Co-op Mortgage Lenders
DeSoto FL Co-op Mortgage Lenders
No web sites found at State of Florida.com for cities and towns in DeSoto
- DeSoto CO-OP MORTGAGE LENDERS
Dixie FL Co-op Mortgage Lenders
No web sites found at State of Florida.com for cities and towns in Dixie
- Dixie CO-OP MORTGAGE LENDERS
Duval FL Co-op Mortgage Lenders
Atlantic Beach | Jacksonville | Neptune Beach
- Duval CO-OP MORTGAGE LENDERSCO-OP MORTGAGE LENDERS
Escambia FL Co-op Mortgage Lenders
- Escambia CO-OP MORTGAGE LENDERS CO-OP MORTGAGE LENDERS
Flagler FL Co-op Mortgage Lenders
- Flagler CO-OP MORTGAGE LENDERS CO-OP MORTGAGE LENDERS
Franklin FL Co-op Mortgage Lenders
- Franklin CO-OP MORTGAGE LENDERSCO-OP MORTGAGE LENDERS
Gadsden FL Co-op Mortgage Lenders
No web sites found at State of Florida.com for cities and towns in Gadsden
- Gadsden CO-OP MORTGAGE LENDERSCO-OP MORTGAGE LENDERS
No web sites found at State of Florida.com for cities and towns in Gilchrist
- Gilchrist CO-OP MORTGAGE LENDERS
Glades FL Co-op Mortgage Lenders
No web sites found at State of Florida.com for cities and towns in Glades
- Glades CO-OP MORTGAGE LENDERS
Gulf FL Co-op Mortgage Lenders
No web sites found at State of Florida.com for cities and towns in Gulf
- Gulf CO-OP MORTGAGE LENDERS
No web sites found at State of Florida.com for cities and towns in Hamilton
- Hamilton CO-OP MORTGAGE LENDERS
No web sites found at State of Florida.com for cities and towns in Hardee
- Hardee CO-OP MORTGAGE LENDERS
Clewiston | LaBelle
- Hendry CO-OP MORTGAGE LENDERS
Hernando FL Co-op Mortgage Lenders
- Hernando CO-OP MORTGAGE LENDERS
Highlands FL Co-op Mortgage Lenders
- Highlands CO-OP MORTGAGE LENDERS
Plant City | Tampa | Temple Terrace
- Hillsborough CO-OP MORTGAGE LENDERS
No web sites found at State of Florida.com for cities and towns in Holmes
- Holmes CO-OP MORTGAGE LENDERS
Vero Beach | Sebastian
- Indian River CO-OP MORTGAGE LENDERS
No web sites found at State of Florida.com for cities and towns in Jackson
- Jackson CO-OP MORTGAGE LENDERS
Jefferson FL Co-op Mortgage Lenders
No web sites found at State of Florida.com for cities and towns in Jefferson
- Jefferson CO-OP MORTGAGE LENDERS
No web sites found at State of Florida.com for cities and towns in Lafayette
- Lafayette CO-OP MORTGAGE LENDERS
Eustis | Fruitland Park | Lady Lake | Leesburg | Minneola | Mount Dora | Tavares
- Lake CO-OP MORTGAGE LENDERS
Bonita Springs | Cape Coral | Fort Myers | Fort Myers Beach | Sanibel
- Lee CO-OP MORTGAGE LENDERS
- Leon CO-OP MORTGAGE LENDERS
No web sites found at State of Florida.com for cities and towns in Levy
- Levy CO-OP MORTGAGE LENDERS
No web sites found at State of Florida.com for cities and towns in Liberty
- Liberty CO-OP MORTGAGE LENDERS
No web sites found at State of Florida.com for cities and towns in Madison
- Madison CO-OP MORTGAGE LENDERS
Anna Maria Island | Bradenton | Holmes Beach | Longboat Key | Palmetto
- Manatee CO-OP MORTGAGE LENDERS
Marion Co Op Mortgage Lenders
- Marion CO-OP MORTGAGE LENDERS
Martin County Co Op Mortgage Lenders
Sewall’s Point | Stuart
- Martin CO-OP MORTGAGE LENDERS
Miami-Dade Co Op Mortgage Lenders
Aventura | Bal Harbour | Bay Harbor Islands | Coral Gables | Hialeah | Hialeah Gardens | Homestead | Key Biscayne | Miami | Miami Beach | North Miami | North Miami Beach | Pinecrest | Surfside
- Miami-Dade CO-OP MORTGAGE LENDERS
Monroe Co Op Mortgage Lenders
Islamorada | Key Largo | Key West
- Monroe CO-OP MORTGAGE LENDERS
Nassau FL Co-op Mortgage Lenders
No web sites found at State of Florida.com for cities and towns in Nassau
- Nassau CO-OP MORTGAGE LENDERS
Okaloosa FL Co-op Mortgage Lenders
Cinco Bayou | Destin | Fort Walton Beach | Niceville | Shalimar | Valparaiso
- Okaloosa FL Co-op Mortgage Lenders
Okeechobee FL Co-op Mortgage Lenders
- Okeechobee CO-OP MORTGAGE LENDERS
Orange FL Co-op Mortgage Lenders
Apopka | Edgewood | Maitland | Ocoee | Orlando | Winter Garden | Winter Park
- Orange FL Co-op Mortgage Lenders
Osceola FL Co-op Mortgage Lenders
Celebration | Kissimmee | St. Cloud
- OsceolaFL Co-op Mortgage Lenders
Palm Beach FL Co-op Mortgage Lenders
Boca Raton | Boynton Beach | Delray Beach | Greenacres | Highland Beach | Hypoluxo | Juno Beach | Jupiter |Lake Park | Lake Worth | Lantana | Ocean Ridge | Palm Beach | Palm Beach Gardens | Royal Palm Beach |Wellington | West Palm Beach
- Palm Beach CO-OP MORTGAGE LENDERS
Pasco FL Co-op Mortgage Lenders
Holiday FL, New Port Richey
- Pasco CO-OP MORTGAGE LENDERS
Pinellas FL Co-op Mortgage Lenders
Clearwater | Dunedin | Gulfport | Largo | Oldsmar | Pinellas Park | St. Pete Beach | St. Petersburg | Safety Harbor | Tarpon Springs | Treasure Island
- Pinellas CO-OP MORTGAGE LENDERS
Auburndale | Bartow | Eagle Lake | Fort Meade | Haines City | Lake Alfred | Lakeland | Lake Wales | Winter Haven
- Polk CO-OP MORTGAGE LENDERS
- Putnam CO-OP MORTGAGE LENDERS
Gulf Breeze | Milton
- Santa Rosa CO-OP MORTGAGE LENDERS
Longboat Key | North Port | Sarasota | Venice
- Sarasota CO-OP MORTGAGE LENDERS
Seminole FL Co-op Mortgage Lenders
Altamonte Springs | Casselberry | Lake Mary | Longwood | Oviedo | Sanford | Winter Springs
- Seminole CO-OP MORTGAGE LENDERS
St. Johns FL Co-op Mortgage Lenders
St. Augustine | St. Augustine Beach
- St. Johns CO-OP MORTGAGE LENDERS
St. Lucie FL Co-op Mortgage Lenders
Fort Pierce | Port St. Lucie
- St. Lucie CO-OP MORTGAGE LENDERS
Sumter FL Co-op Mortgage Lenders
No web sites found at State of Florida.com for cities and towns in Sumter
- Sumter CO-OP MORTGAGE LENDERS
Suwannee FL Co-op Mortgage Lenders
No web sites found at State of Florida.com for cities and towns in Suwannee
- Suwannee CO-OP MORTGAGE LENDERS
Taylor FL Co-op Mortgage Lenders
No web sites found at State of Florida.com for cities and towns in Taylor
- Taylor CO-OP MORTGAGE LENDERS
No web sites found at State of Florida.com for cities and towns in Union
- Union CO-OP MORTGAGE LENDERS
Volusia FL Co-op Mortgage Lenders
Daytona Beach | DeLand | Deltona | Debary Edgewater | Holly Hill | New Smyrna Beach | Ormond Beach |Ponce Inlet | Port Orange
- Volusia CO-OP MORTGAGE LENDERS
Wakulla FL Co-op Mortgage Lenders
No web sites found at State of Florida.com for cities and towns in Wakulla
- Wakulla CO-OP MORTGAGE LENDERS
Walton FL Co-op Mortgage Lenders
DeFuniak Springs | Seaside
- Walton CO-OP MORTGAGE LENDERS
Washington FL Co-op Mortgage Lenders
- Washington CO-OP MORTGAGE LENDERS
Co Op Resources
- Buying into a Housing Cooperative
- Lessons for Success
- Resident Retention
- Starting a new Cooperative
- Benefits to Continuing as a Cooperative
- Pros & Cons to Owning a Cooperative
- What is a Florida housing cooperative?
- What do I actually own?
- What does the share or membership purchase price involve?
- Do I pay real estate taxes?
- Are cooperatives allowed to discriminate?
- What do cooperatives look like?
- How to find a cooperative?
- What questions should I ask before buying into a cooperative?
- Economic Advantages
- Social Advantages
- Physical Benefits
- Standard Cooperative Practices
- What is a share loan?
- How do I accumulate equity?
- Market-rate housing cooperatives
- Limited-equity housing cooperatives
- Leasing cooperatives (or zero-equity)
- What are the monthly charges for?