[Rick Lee]

Jeff, co-ops can be tough to find mortgages for. Sure, there are companies out there who do them. But they can charge a premium for it. Condo loans can be very tough too due to investor vs. owner occupied ratios in a given complex. But co-ops are a whole 'nother can of worms. The only co-op I know of in the NoVA area is a bldg. in Arlington that has a 99 year lease on it. Co-op boards can interview and reject you much like a country club can. And imagine if you were trying to get out of your co-op withing 3-5 yrs. of the lease or blanket mortgage coming up for renewal. I think it's just a big PITA.