We Can't Get a Co-op Loan Because the Building Has a Doctor's Office? Really?

Nov. 5, 2014 — Forget snooty boards. You might instead find your attempt to buy a co-op stymied by the fact the building has a doctor's office. Wha?

As BrickUnderground.com's "Ask the Experts" column reveals, a little-known lending hurdle involving Fannie Mae rules may kill a sale. In one case, the culprit is lenders misinterpreting one of those rules. Good to know. The other instance is a little more complicated and concerns whether the office is technically part of the co-op. While the article erroneously refers to co-op loans as mortgages, and doesn't go into condos and actual mortgages, it does offer possible solutions in things you can do and places to which you can turn. And that could be just what the doctor ordered.