Before sending a package to the Board, a Managing/or transfer agent has to review your board application and make sure everything on the application is completed, clear, and that the information on the application matches exactly to all supporting documents penny to penny, and that everything sums up correctly. They also do credit check and verify all the references submitted with the application. If something was missing or unclear, they contact your broker for additional info - hopefully, everything on the application is perfect and they won't have any questions.
After the management agent is OK with a board package, they send it to the board members for review. It may take the management a week or or two before they send it out and some buildings have a certain cut-off dead-line to group all the applications for the month together and send to the board for the interviews to be scheduled for the following month.
After that the board members have to review each package and let the managing agent know when they propose the interview date. On average it takes about 30-45 days from the day the application was submitted to the day you hear back regarding the interview date.... more
Hi Chad, the answer is maybe. If you're moving upstate then you may qualify with as little as 3.5% down. If you plan to rent out the upstate property, then you may have to put down 20%. Either way, is relatively simple as long as you meet the necessary and common-sense credit, income, and asset requirements for a mortgage.
Maybe it's time to speak with a licensed and experience mortgage banker regarding your options. I have extensive experience helping New Yorkers to become successful homeowners and would welcome an opportunity to help you accomplish your goals. For more information, please contact me directly at 917.699.0183 or via email firstname.lastname@example.org.
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Senior Mortgage Banker
The Federal Savings
New York... more
it depends on the number of shares allocated to each apartment and depends on the size, views, floor, outdoor spaces, etc. Varies for different coops, depending on what they approve in their coop offering plan. In Manhattan it can be $1.50-2/PSF, although there are still some coops with a lower maintenance.... more