024d8488_ational_Cooperative_Law_Center__Cooperatives
[0] Qualifying [Condominiums] Financing available-property must be bought and paid in full to the seller. Many financing options are common, depending on many qualifying factors such as income, credit, etc. Personality and compatibility with the community is not considered. [Cooperatives] 
No Financing-Members buy their share of the corporation plus the first month’s maintenance fee. An application and interview is common, the Board of Directors effectively decide whether or not a person qualifies.
Comparison of Housing Cooperatives to Condominiums | National Cooperative Law Center
Cooperatives