The average coop building is looking for:
1) 20 â€“ 25% down payment. Can be more for some buildings.
2) 18 months to 2 years of mortgage and maintenance payments in liquid assets after the down payment.
3) A 25 â€“ 28% debt to income ratio.
The monthly maintenance payments are tax deductible. The amount is different for each building.
There are many elements that go into deciding if a coop is right for you. Buying in Manhattan is challenging but ultimately rewarding in many ways. To be successful will require an experienced real estate broker and mortgage expert.