In New York State, all of the following loan types can typically be used to finance the purchase of a condominium unit **EXCEPT**:
Correct Answer
C) Share loans secured by corporate stock and proprietary lease
Share loans are specifically designed for cooperative apartments, not condominiums. Condominiums are real property, so they can be financed with traditional real estate mortgages. Share loans are only used when purchasing personal property (cooperative shares), not real property.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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