Condo & Co-op
We know condos & co-ops like no other.
We won’t let the loan process restrict you based on your reported income. Find a home with our Community Development Loans that require little to no income verification.
Condo & Co-op
Simple, fast, and hassle-free.
Here are a few program highlights to help you assess whether or not a Condo/Co-Op is right for you.
Condo & Co-op Loan Solutions
Unlike traditional mortgages, when you finance a co-op apartment there is no property deed involved. Instead, your co-op loan, or “share loan”, is used to buy shares of stock in a housing cooperative corporation which owns the building in which your desired apartment is located. Owning shares in the co-op corporation results in your being granted a long-term exclusive lease, or “Proprietary Lease”, on an apartment in the building. As a shareholder, or partial owner in the co-op corporation, you will be responsible to pay a monthly maintenance fee which covers your pro-rata portion of the building’s property taxes, interest expense, insurance costs and operating expenses.
Because co-ops are somewhat more complex that other types of real estate, not all lenders offer co-op loans, but Quontic is a community bank headquartered in New York City—where co-ops are abundant. As such, we understand the ins and outs of co-op lending and have developed a range of borrowing solutions specifically for these unique properties.
All lending products are subject to credit & property approval. Rates, program terms, & conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions & limitations apply. Prequalification provides you with an estimate of how much you can borrow to purchase a home, based on our preliminary review of credit information. This does not represent an offer to enter into a loan agreement. Information is accurate as of the date listed below and may change without notice.