Summary:
Housing cooperatives are common in older US cities, yet online real estate resources offer little information on them. This article gives the reader a primer on co-ops.

Great article for a site that wants to provide info for readers. Giving it away cheap, because it has been published elsewhere. Great for fill and copy on your website. I eliminate the effort of filling up your pages!

Details or Sample:
According to the National Association of Housing Cooperatives, 1.2 million Americans live in cooperative housing. Co-ops are common is older cities like Philadelphia, San Francisco, and Washington because there are many buildings constructed before 1961. The largest preponderance of co-ops is in New York City, where 85% of all multifamily units are owned as cooperatives. Co-ops are also found in situations where a group of people desires communal facilities and specialized living. Student cooperatives offer inexpensive housing near many college campuses. Artists, the hearing-impaired, and elderly individuals have also established co-ops throughout the country.

Mortgages can be obtained for a co-op. A primary difference is that a buyer must select a lending institution from a pre-approved list maintained by the co-op board. Banks demand that the co-op board sign an agreement to foreclose on the owner’s shares if the mortgage defaults. A list of approved lenders can be obtained from the co-op’s management office. “Share Loans,” as co-op mortgages are officially known, are available in most varieties available for traditional mortgages. Purchasers can select from adjustable rate, fixed rate, or hybrid loans. Because of the added risk of writing a co-op share loan, rates are generally .25% higher. Most major banks have gotten into the co-op mortgage business, so buyers should be able to find financing with a well-known, reputable institution. A 20% down payment is required for a co-op mortgage. Home equity lines of credit (HELOC) are generally not available for co-ops. Of course, a monthly fee is charged to owners by the co-op board to maintain the communal property.

Purchase this content for your website...

Pricing:
Usage:	$5	[Add to Cart]

Downloads: 2
Written by: Alexbond
Available File Types:Text
Words: 940