Real Estate Timeshare (co-op)  mortgage in Key West

The law defines owning a condominium as owning a piece of Key West real estate. Owning a timeshare, however, means that you own shares of stock in a building. Formerly, it was not easy to get a mortgage to buy a timeshare. That was why prices on co-ops usually were much lower than condominium prices. Once the federal government amended the law to allow the Federal National Mortgage Association (Fannie Mae) to buy co-op loans, it made it much easier for prospective co-op buyers to obtain mortgages. Today, it is only slightly more difficult to obtain a mortgage for a co-op than for a condominium, but prices generally remain lower because of the extra restrictions placed on co-op owners.