Is there a minimum owner-occupancy level required to get share loan?
A lender takes into account multifamily ownership levels when making a decision about providing a loan to an individual for the acquisition of co-op apartment or for a condominium. This a standard part of the underwriting process. Appropriate ownership levels vary by lender. NCB has loan programs available for co-ops with lower resident ownership levels. Return to Top What are monthly costs for a co-op apartment? Known as a monthly fee, maintenance fee, common charge or carrying charge, this is the pro-rata share of actual operating costs, underlying mortgage principal and interest (if applicable), property taxes, insurance and reserves, you as a co-op member pay on a monthly basis to the cooperative corporation. Return to Top What are the benefits of owning a co-op apartment? Co-op unit owners enjoy all the benefits of homeownership plus more. As a homeowner, you can take advantage of deductible mortgage interest and property taxes – both on the underlying mortgage (link to underlying
