Section 203(n) Single Family Cooperative Program

What is the purpose of this program?

Provides mortgage insurance for a person to purchase a Corporate Certificate (stock certificate or membership certificate) and an Occupancy Certificate in a cooperative. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.

What are the eligibility requirements?

• Borrower must meet standard FHA credit qualifications.
• Borrower is eligible for approximately 97% financing. Borrower is able to finance closing costs and will pay a monthly mortgage insurance premium.
• Eligible properties are detached or semi-detached units, rowhouses, or multifamily structures.
• The maximum mortgage amount for a single family unit is $155,250. Lesser limits may be applicable in other areas.