Additional Products and Services | Windsor Mortgage

Additional Products and Services

Loans are subject to credit approval. For real estate mortgage professionals only. Not intended for distribution to consumers or other third parties.

Co-Op Loans

Our Co-Op program is continually evolving, so contact us today with questions or for updates!

Fannie Mae provides financing options for properties owned by a Cooperative Organization, a corporation, or other legal entity where each shareholder or equity owner is granted the right to occupy a unit in a residential property under a proprietary lease or occupancy agreement.

  • Terms: 30 Year Fixed Rate Only
  • Maximum LTV: Follow FNMA/FHLMC Requirements
  • Property Usage: Primary Residence or Second Home Only
  • Loan Purpose: Purchase - Refinance - Cash-Out Refinance (Primary Residence Only)
  • Geographic Area Restrictions:
    • New Jersey Counties: Bergen, Essex, Hudson
    • New York Burroughs: Bronx, Brooklyn, Staten Island, Queens, Manhattan
    • New York Counties: Nassau, Rockland, Suffolk, Westchester

Assumption - Mortgage Loans secured by a Cooperative Property are typically not assumable by another entity.

Property Considerations:

  • The property management company must have experience with cooperative properties of like size and market.
  • The Operating Reserve balance must be equal to or greater than FNMA minimum requirements.
  • Maintenance fees must be sufficient to achieve a balanced budget.

Not-Permitted - Subordinate financing, investment properties, cash-out refinances on second home properties.

Prepayment Availability - Loans may be voluntarily prepaid


  • Flexible loan terms
  • Competitive pricing
  • Certainty and speed of closing
Project Reviews

Established Project - If ALL of the following are true:

  • At least 90% Fannie/75% Freddie of the total units have been conveyed to unit purchasers
  • The project is 100% complete (includes units and common areas)
  • The project is not subject to additional phasing and/or annexation
  • HOA control has been turned over to unit owners

New Project - If ANY of the following are true:

  • Fewer than 90% Fannie/75% Freddie of the total units have been conveyed to unit purchasers
  • The project is not fully completed or is newly converted
  • The project is subject to additional phasing and/or annexation; or
  • HOA control has not been turned over to unit owners
  • Existing stabilized Cooperative Properties in eligible Cooperative Property markets
  • Cooperative corporations with strong management and solid operating history
  • Geographic Restrictions apply
  • No investment properties allowed
  • Maximum concentration within any complex is 20%
  • Subordinate financing not allowed on DU loans
Top 5 Ineligible Project Characteristics
  • The budget does NOT meet reserve requirements
  • Co-Insurance/Insufficient insurance coverage
  • Excess single-entity ownership
  • Ineligible litigation
  • Excess Commercial Space

2-1 Temporary Buydown

Lower your borrowers' initial effective interest rate by up to 2% at the beginning of their loan.

Help your borrowers start off strong with a lower monthly payment through the Windsor 2-1 Temporary Buydown, offering a lower bought-down rate at the beginning of their loan. This is a great option for borrowers who have excess seller concessions to use or expect an increase in their income over the next few years.

Take advantage of a low fixed rate today!

Available for:

  • Conventional primary and secondary home purchases
    • HomeReady, HomePossible, and High Balance
    • Available for VA and FHA

Seller-paid buydown options

  • 2-1 buydown- the effective rate is 2% lower in the first year and 1% lower in the second year. In the third year, the full note rate will apply.

The borrower must qualify for the full monthly payment (before the buydown rate is applied).

Seller concessions are deposited as a lump sum into a buydown account. A portion of this sum is released each month to reduce the borrower's monthly payment.

Windsor 2-1 Temporary Buydown is not available for Windsor National DPA or government programs, investment properties, cash-out refinance, or R/T refinance currently. Information is subject to change. Certain restrictions apply. Subject to borrower approval.
This information is provided to assist real estate and mortgage lending professionals only and is not intended, nor authorized, for consumer distribution. Windsor Mortgage is a service provided by Plains Commerce Bank. NMLS#463950.