When applying for a mortgage on some bank websites, you're asked the type of property you're looking to purchase. There are options such as "single-family," "multi-family," and "condo," but no option for a coop apartment. Which property type should you select if the property you're looking to purchase is a coop apartment?
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1I’m voting to close this question because it is just spam. I am removing the website links provided to prevent the desired SEO effect.– Grade 'Eh' BaconCommented Mar 23, 2023 at 16:24
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This isn't spam as I don't work for the institution that was linked and I was genuinely asking this question. I removed any indications of a specific institution where this question was asked.– Roman SheydvasserCommented Mar 23, 2023 at 16:29
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2 Answers
I cannot speak for better.com's specific policies, but this sounds like a condo to me.
A single-family property is a building* that houses one family; a multi-family property is an entire apartment building (if you are an investor looking for a mortgage for your investment); a condo is one piece of an apartment building that holds one family.
* It doesn't say single-family building, but we can infer this because there is also an option for "condo". If there was not a "condo" option I would have said "single-family property", since a condo holds one family, and you are clearly not buying a whole apartment building.
answered Mar 22, 2023 at 19:24
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When I reached out to the support team of one of these websites, I was told that the question about the property type is to confirm whether you will be using the property for residential or commercial/business purposes. Some financial institutions are only able to lend on properties that are used for residential purposes.
The support team suggested using a "condo" property type selection if applying for a mortgage for a coop apartment.
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1Type of dwelling means nothing for usage. I'm not sure how you made that connection Commented Mar 22, 2023 at 20:35
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@littleadv I asked this question to better.com's support team and was relaying the answer from them. Since this question is on their website's application form, it's likely that they use the type of dwelling to indicate usage internally somehow. Commented Mar 23, 2023 at 16:18
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1I don't know what they told you, but you can rent out a condo. Commented Mar 23, 2023 at 17:28