HOME APPLICATION CURRENT RATES CONTACT US
INVIS HOME PAGE
HOME

Financing a Co-Op

Most financial institutions do not lend on Co-ops and those that do require a larger downpayment even if you are a first time homebuyer.

Minimum downpayment
Unregistered lease - 35% of maximum $100,000.00 purchase price.
Registered lease - 35% of maximum $150,000.00 purchase price.

Maximum G.D.S. - 30% (this refers to % of gross family income required for payments of principal and interest.
Maximum T.D.S. - 40% (this refers to % of gross family income required for servicing debts.

Rates
Unregistered lease - posted rates plus 2%
Registered lease - posted rates plus 1%

Must be owner occupied.

Lender will require written consent from the co-op board prior to issuing a commitment letter.

Lender will also require an assignment of lease and hypothecation of shares.

You must use the lender's lawyer.

Back to the Info Center

ABOUT US
INFO CENTER
CALCULATORS
SEARCH THIS SITE

 

Contact Info

Phone: 604 377-3108 Fax: 604 454-1697
Email Theresa



* In some circumstances Lender and/or Broker fees may be charged.

BC-Realty.com

 

 

 

 

 
HOME APPLICATION CURRENT RATES CONTACT US
 

© 1998-2004 Theresa Christensen and Doug Allan. All rights reserved