Mortgage for primary residency with renovations

id be shocked if a coop allowed a transfer with a leaseback agmt

They're rare, but I know of one that just permitted a 30 day lease back. The real risk is to the buyer -- you can't get the tenant out after the time is up.

I would think the co-op would not want a tenant in the apartment without a lease which will be the case after thirty days. That said, I still wouldn't do it
I am a mortgage broker and would say that you shouldn't have a problem getting an owner occupied mortgage. I can also get you a pre approval which is a special kind of pre approval that is really like a commitment, but is not called that because. You don't have a signed contract of sale. However paperwork is required and when you go to contract. youwill have already been through the mortgage process, therefore you will be approved immediately.

Ellen Silverman
Licensed Mortgage Broker since 1990
esfundingco@aol.com
Tel:212-786-9682

I lived in a condo that required leases no shorter than 1 year. The only exception was a "lease" (formal document) of less than 30 days for an owner who had just sold their apartment. The Board's rationale was that sometimes it's difficult to coordinate closings, so they were allowing a "grace period" through a "lease" of less than a month. However, you had to provide supporting documentation justifying the stay before they gave their approval.

Make sure yr lawyer draws it up so its not a tenant landlord relationship. Also , heavy heavy penalties if he goes past designated date. Danger is he doesnt leave + drags it out

1. you might not be able to find a lender because your apt is not habitable
2. and wont qualify for a C of O