Can you get a NACA loan for a CO-OP who wants 20%?

Home Forums Purchase Program Can you get a NACA loan for a CO-OP who wants 20%?

This topic contains 2 replies, has 3 voices, and was last updated by  TTrumble 3 days, 7 hours ago.

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  • #39369

    April1900
    Member

    I’m looking at my housing options now in NYC. Coops are the most affordable. Most coops wants 20% down. Can I get a NACA loan with this kind of co-op since NACA has no down payment? How does NACA work with coops? Any info appreciated. Thank you!!

    #39378

    jclucca
    Member

    I did a search and found this post, which might help. I’m in the same area, but am avoiding co-ops for many reasons, including this.

    http://forums.naca.com/?topic=down-payments-for-coops-required

    #39389

    TTrumble
    Member

    Hello April1900,

    Co-ops can be difficult. Stress that you have a 100% financing source and do petition the co-op’s board for a waiver of the 20% down payment.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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