Financing

New Parkchester buyers can contract to purchase shares with cash or private financing if they plan to occupy the units as their principal residence. The Cooperative/Seller Listing Agent will cooperate with buyer brokers so that potential purchasers have representation during the purchase process. The Cooperative is offering Share Loans (with deferred payment until sale or refinancing of the share) to approved new Member buyers for down payments based on specific requirements including

1.0% of purchase price in cash from buyer for earnest deposit/down payment.

Median credit scores of at least 640 Documented income to ensure monthly loan payments and operating assessments do not exceed 30% of verified income To complete the process, Share Loans for the balance of the purchase price are being offered to qualified buyers by District Government Employees Federal Credit Union and their affiliates at market terms and rates. Each buyer will be approved for financing subject to an appraisal. Additional contingencies such as home inspections are negotiable. Qualified buyers may also use various other government financing programs such as HPAP, EAHP and Open Door to lower monthly housing costs. As Seller, the Cooperative will consider closing cost incentives to encourage buyers to use Eisen and Rome as the approved settlement agent.