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Condos & Co-ops

Whether you're purchasing or refinancing a condo OR a co-op, we can help.

In many cases (depending on the loan amount and other factors), either a condo or co-op loan may require as little as 5% down. Both fixed-rate and adjustable rate loans are available.

Particularly when buying a co-op,
we recommend you talk with a
loan consultant well-versed in
the many nuances of co-op loans. Guaranteed has been writing co-op
loans for nearly as long as we've
been in business: over 20 years.

Condo...Co-op: What's the difference?

The difference between a condo and a co-op, when it comes to financing, can sometimes be confusing.

With either a condo or co-op, you enjoy the benefits of tax relief and property appreciation, while someone else handles the daily maintenance and security for you. Both are considered a common interest development  (CID). 

In a condominium development, each unit owner owns an individual apartment. The buyer also owns a proportionate interest in the common elements such as the exterior walls, roof, garage, pool and other recreational or "common" areas.

In a cooperative, the building is owned by a "cooperative housing corporation." As a co-op owner you own stock in the corporation and a right to occupy a specific unit in the building. Usually there's a mortgage on the building itself.

When you finance a condo, you get a traditional home mortgage. With a co-op, you're buying a "co-op loan" to purchase stock in a corporation, not a piece of real estate.

Co-op financing from Guaranteed is available in New York in the five boroughs and in several counties; it's also available in several New Jersey counties.

Whether you're looking to purchase a condo or a co-op, call us today with your questions, and let us run various loan scenarios to help you determine what's the best fit for your budget.


 Guaranteed is not acting on behalf of or at the direction of HUD/FHA or the federal government. Programs, rates and terms subject to change without notice. Certain restrictions apply; not all applicants will qualify.

Guaranteed Home Mortgage Company, Inc- NMLS ID#:1615
108 Corporate Park Drive Ste. 301, White Plains, NY  10604
Toll Free:  (914) 339-6000
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