Hi Maggie -- If you have decided who you will go to for your mortgage, getting a pre-approval before you start to shop for your new home is a good idea. The pre-qualification won't mean much to a seller, and if you see a place you love, most sellers won't accept an offer until you are pre-approved. You can always get the pre-approval updated if it takes you more than 90 days to find your new home. If your lender is the only one checking your credit scores, and there's only one inquiry every 90 days or so, you should be OK.... more
Most Co-op boards would like to see that you have 6 months of maintanence in resevers liquid. Other than that if, your debt to income ratio is low, and your credit schore is good, along with good letter of recommendations, you should be fine to get through a coop board.... more
Although this is an older question, I will comment about what Mack has had to say.
With co-ops in NY, it is common for the buyer's attorney to ask for financials to be reviewed up-front. Most won't ask for the minutes from board meetings, but may ask for the offering plan.
Maggie, my feeling is that if the building comes up as being approved on the published list of one of the banks I use, the building is normally fine. If it has been declined, or needs a waiver, I would nix it. There are enough co-ops in Westchester for you to find one that is easy to approve.... more
Hi, The down payment requirements for Bronxville do vary, the range is anywhere from a minimum of 10% up to 50%. I would say standard for the area is about 20% especially in the village of Bronxville. Bronx River Road Coops with a Bronxville PO tend to be 10% and at times 20%. You will need 20% down to avoid PMI and since the credit market shakeup you will need a credit score of 700 or better to get the PMI. I recommend speaking with a lender.
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The downpayment for 1 Vincent Road is 15%. With a downpayment of less than 20%, your lender will require you to pay for Private Mortgage Insurance (PMI), and at a coop such as 1 Vincent Road you certainly can put down more than 15% if you have the cash with which to do that.... more