To start, NCB has produced an excellent booklet - A Consumer's Guide to Buying a Co-op. I highly recommend it - it's a quick read and details the differences between buying a condo and a co-op.

So, what's the deal on buying in GHI?

First, you should get pre-approved for a loan, unless you are planning to pay cash. Yes, people still do that! GHI rules state that you will need to pay a minimum down payment of 10% in order to qualify. However, the lenders have their own sets of guidelines and, depending on your credit score, you may need a larger down payment. So I strongly recommend talking to one of the lenders who actually lends on GHI properties.

Once you find the home of your dreams and the seller has accepted your offer, there are several things that happen all at once.

1. You will need to attend a GHI Buyer Orientation, which are help about twice a month. Check the calendar for the next date. You can attend the orientation before finding a property - I strongly recommend it. You'll learn a lot.
2. You will submit your GHI application and fees to Contract Processing.
3. You will complete your loan application (different application than the one to GHI).
4. Once the appraisal has been completed and the loan has been approved, you will have a one-on-one meeting with Kathie Linkenhoker, Contract Processing.
5. Your application and loan approval then go before the Board of Directors for approval.

Here are a few things to remember:

• You are buying shares in a cooperative corporation, not real property. You will have the right to use the property, according to GHI bylaws, indefinitely or until the unit is sold.
• Once you're under contract, certain things have to happen in a certain order before you can go to settlement. Look at the closest Board of Directors meeting before your desired settlement date. If you are financing your purchase, you should probably have about 25 days between contract acceptance and the BoD meeting. Then add about 5 days to get to settlement. These numbers are a general guideline.
  
• GHI homes must be owner-occupied. They cannot be converted to rentals at a later date. For true hardship cases, the Co-op Board will make exceptions on a case-by-case basis, but they are very reluctant to approve rentals.
• Property taxes are included in your monthly co-op fee. Check here for a list of what is included in your co-op fee.
• GHI does a property inspection when a seller notifies GHI that he or she is selling. Even GHI will tell you - this is not a substitute for a home inspection. The inspector is making sure the property meets GHI guidelines, not necessarily the same things you might want to know if you are buying.
  
• The list of homes for sale on GHI's website may include properties that are not actually on the market. Occasionally sellers will notify GHI of their intent to sell in order to generate the inspection. Maybe the seller knows he'll sell within the next year or so and wants to know what repairs need to be done. For whatever reason, don't freak if sellers don't return your calls. They may not actually be selling.