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Mortgaging a Co-Op |
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I own an apt in a co-op in Manhattan. I have had it for several years without any mortgage. I now live in LA and rent out the apt. i am trying to obtain a first mortgage but i have been told that New York law states that i cannot get a mortgage on a co-op investment property. is this true? |
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I've never heard of such a law. It's possible that with the way lenders are getting more cautious, it could be hard to find a loan on a non-owner-occupied co-op. It's possible that your co-op organization has some restrictions. It's possible that lenders shy away from co-ops where there are too many rental properties. But I doubt if the state of New York has placed any restrictions. |
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Edith
Originally published on October 18, 2007 |
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