Atchison Village Mutual Homes Corporation

Financing options and down payment requirements?

Posted in: Atchison Village
  • Stock
  • StevenW
  • Valued Neighbor
  • USA
  • 1 Post

I've been interested in Atchison Village for years, but I've never been sure what the financing options are since it's a co-op. I've seen some mention of financing through Atchison Village itself, what are the requirements for a down payment if this is possible? Thanks for any information!


In my opinion this is the trickiest part of buying in to AV, but also a big part of why prices are kept on the more reasonable side compared to regular houses in the Bay Area. You cannot get a traditional mortgage since you are not buying the unit itself, ie the bricks and mortar. You are buying a membership in the co-op and cannot use the unit itself as collateral for any loans. So essentially you have to get an unsecured personal loan to finance the purchase if you do not have that kind of cash lying around.


We have our credit union:

where you can finance a limited amount depending on what size unit you are getting. You will still need to have a significant down payment through savings, credit cards or other lines of credit, family members, etc. in order to come up with enough money to cover the entire purchase price. Also, getting a loan for membership through the credit union requires good credit, a source of income, and a co-signer who owns real estate. So it is out of reach for many people. Hence, helps to keep AV more affordable. In my opinion.


Contact the credit union for current amounts being financed (10 years ago you could borrow 50,000 for a 2-BR unit), interest rate (10 years ago was 12%), and borrowing requirements (I noted above what the approx. requirements were 10 years ago).


Good luck.

Richmond, California 94801