Conventional Co-op/Condo

There are a few things to consider when buying a Co-op. When you buy a Co-op you are buying shares in a cooperative. Along with your mortgage you must also pay a maintenance fee which is used to qualify a borrower for the loan. The management board is another factor which a borrower must consider. The management board can approve or disapprove a prospective buyer or can place limitations on the amount which can financed . One advantage of purchasing a coop is the closing cost which usually are about 2-3 % of the mortgage amount. At MGN we have loan officers that specialize in Co-op loans.

Just Like Co-ops, Condos also have boards and monthly maintenance fees but unlike coops when you purchase a condo you actually own the apartment plus shares in the condo and the board in most cases cannot deny you the purchase of a condo. The closing cost for a condo are slightly higher than those for a coop. For more information on condos or coops please give us call at 1-877-646-1965 or email loans@mgnfunding.com and one of our loan officers will help you with the purchase of your Co-op/Condo.