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Attention New Yorkers: Quicken Loans Now Services Co-Op Mortgages for You! - Quicken Loans Zing Blog

As of December 19, 2017, MyQL is now referred to as Rocket Mortgage.

Attention New Yorkers!

Did you know that 85% of all apartments in New York City available for purchase are in co-operative buildings? Take a look at your surroundings. When you do, you’ll realize that nearly all pre-war apartments are in co-op buildings, too. In other words, co-ops are all around you!

Does a co-op interest you? If so, Quicken Loans has some very exciting news. For the first time, Quicken Loans is offering home loans to co-op homeowners in New York! This doesn’t just mean people in New York City, either. It includes the entire state of New York. As long as the co-op includes five or more units, Quicken Loans can help!

If you aren’t familiar with co-operative buildings, allow me to explain. A co-op is a type of housing that consists of one or more residential buildings. A co-op is different from other types of housing such as condominiums and apartments in that it is member-based, with membership approved by the applicant’s purchase of shares in the co-op.

In a co-op, the entire building is owned by a single corporation. There is no deed for the individual. Along with the shares, there is also a proprietary lease that allows buyers to occupy a specific unit and informs the buyer of the rules and regulations, much like a rental lease.

Not familiar with Quicken Loans? That’s all right! Let me give you some background information. For starters, we’ve got more than 28 years of experience providing world-class client service as a direct lender. According to National Mortgage News, we’re America’s largest online lender and we’ve helped finance more than one million home loans.

And that’s not all. Below are some other quick facts:

  • We close the majority of our loans in 30 days or less, which is super fast! Although co-ops may take longer to close, we’ll do everything possible to make your mortgage process as smooth and easy as possible.
  • Our powerful online tools, like MyQL Mobile, are available only to Quicken Loans clients and can help you navigate the process on your own, 24/7.
  • 95% of our clients would recommend us to family and friends.
  • The Quicken Loans Zing Blog is your go-to resource for all things related to your home, money and lifestyle. Explore some of our other articles while you’re at home or on the go; we make for great subway reading!

As you can see, Quicken Loans has a lot to offer. From amazing client service and online tools to our ability to service co-op mortgages in New York (in addition to condos), we pretty much do it all.

Are you a New Yorker interested in purchasing or refinancing a co-op in New York? Contact us today!

This Post Has 33 Comments

  1. My coop unit on the market for 3 months. Buyers unable to obtain mortgage because building owner own more than 50% of shares. Would you be able to provide mortgage for my unit? It’s located in Brooklyn.

    1. Hi Anatoly:

      if the co-op project has more than 20 units, a single entity cannot own more than 10% of the units. If there are between 5 and 20 units, they can’t own more than two. If the project is 2-4 units, they can’t own more than one unit. Based on what you’re describing, I don’t think we can help, but I wanted to give you all the information. Good luck!

  2. Have any mortgages been approved for any buildings that fall under the NYC housing and preservation department program (HPD) called HDFC which is restricted sale with income restrictions?

  3. Hi, I have the same question as YZ, I’m looking at a co op with one entity holding 10% of the shares. Will quicken loan be able to actually give me a loan?

    1. Hi Claudia:

      It may depend on the number of units in your project. I’m going to recommend you talk to one of our Home Loan Experts by giving us a call at (888) 728-4702.

      Kevin Graham

  4. Hi:

    Do you offer co-op refinance?

    I am currently in a 6.5% Fix Rate. I do have a bankruptcy from 2010.

    Currently, my first and second mortgage and maintenance are up to date.

    Please advice.



    1. Hi Mike:

      We do offer co-op refinancing if you’re from the state of New York. I’m going to have one of our Home Loan Experts reach out to take a closer look at your situation.

      Kevin Graham

        1. Hi Christa:

          Unfortunately, at this time, we only offer co-op loans in the state of New York. I’m sorry.

          Kevin Graham

  5. First time moving out on my own. i have my eye on a co-op that i really want to buy. i understand that co-ops are more like shares than actually purchasing a home. however will i still be able to get a new “home” buyer discount?

    1. Hi Piyush, this is only available in New York for now. Let me know if you have any other questions. Have a great day!

  6. I just went thru this process in NYC. Uploaded all the documents, co-op approved me to move forward. Been stuck in an endless loop of answering questions for Quicken loans and have involved my building manager and multiple other people involved in my co-op. My GFE is up tomorrow and I’m going to spend this whole night looking all over for who can help. Devastated, all money I have invested and countless hours. The rate was great so this was a huge win for me. Multiple other units in my building have refinanced or are currently going thru one without issue. Mine not so much. I called everyone I could at quicken to have someone listen to my cause, I keep being told the people I am dealing with are as high as I can go. This feeling is horrible, I am looking all over to find out what protections I have in place and where to go next. If anyone has any idea how to help me please let me know. Thanks all who have read this

    1. Hi James! I spoke with our client relations team who are looking into this for you. Let me know if you have any questions.

  7. I was curious what are the financial requirements to being able to get a mortgage with quicken loan. My yearly income is 7200 but I do receive assistance from my father.

    1. Hi Lia! There are several factors that go into the mortgage application process. I’ve passed your comment on to our team of mortgage professionals who can take a look at your specific situation.

  8. Many cooperative buildings have an owner that holds more than 50% shares. If the coop is in good financial standing, would quicken be able to loan on a unit in the building?

  9. Hi I live in an cooperative building and wanted to know can an shareholder take out an loan toward their apt I am facing hardships at present and need to catch up on my Maint looking for small installment loan around $8000 and would like to pay back in 36 months. My credit score is not great due to poor decision in past . Thank you Vanessa

    1. Hi Vanessa, Thanks for reaching out. Unfortunately we do not do personal loans, only mortgages. Let me know if you have nay other questions.

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