Securing a Co-op Mortgage

Finding the right financing to purchase a New York City co-op can be tricky.


Traditional mortgages cannot be issued to apartments within cooperative buildings. Avoid costly mistakes by making sure your mortgage lender understands the uncommon process.

An experienced bank will know to review your finances AND the finances of the cooperative as well. They may even keep a list of ‘approved’ buildings that can expedite your financing.

A co-op board’s standards can also be quite different and/or stricter than your bank’s… Including the types of mortgages allowed, down payment restrictions, and debt-to-income ratio caps.

So make sure your real estate team includes a hyper-local buyer’s agent and an experienced mortgage lender.


Pedro Paredes, Licensed Real Estate Agent at The Bizzarro Agency, has some pressing info on what you need to know about obtaining a mortgage.