There is no clear cut answer to your question. It all depends on the amount of monthly debt you pay. Your credit will play a major factor in your interest rate. The higher the interest rate the lower the amount you will be able to borrow.

Most Co-Op boards tend to look at the buyer's total debt, income and credit worthiness,(current and past credit history) and ability to repay the monthly maintenence charges. Please ask your real estate agent to inquire with the co-op board regarding their debt to income ratio standards. For additional information regarding co-op, condo, Single /multi Family mortgage free-approvals please visit us at http://www.sonniacarbone.com or email me at sonnia.carbone@wellsfargo.com

There is a big difference between a coop and a condo. Condo's are more expensive than coops, and I'm not sure which area you are looking to purchase in? If you are thinking Manhattan, I'll be honest and tell you that I haven't seen any coops for $300k, and zero condos in that or near price range. In my experience, more coops require 25% down as opposed ot 20%.
I'll assume that maybe you arent looking at the city since you are from Jersey. Strict coops require more money down, menaing 25% over 20%. Also strict coops may ask for reference letters personal and from your employer, and they will probably want to see liquid money in your bank account AFTER the purchase of your apartment. Some stricter coops require a full year of maintenance and mortgage to be placed into an escrow " just in case ". And you are looking at not higher than a 25% debt to income ratio for them to approve you.

Hope this helped.

Well, most Coops require 20% down or more. At 300k and if you put 20% down that would be a loan for 240k. At today's 5.75% rate your payment would be $1400 + maintenance. Depending on your maintenance I would say at least 75k. Condos are much easier or Coops that are sponsor held. Let me know if you have any questions. sunny_hong@countrywide.com

Every board is different. But in general if you are putting 20% down and financing a 6.5% for 30 yrs your mortgage+maint will be about $1,512+maint. Most boards want your monthly salary to be 3-4 times the monthly mort+maint. If Maint is $1,000 then you monthy salary will have to 7,536/month or 90K/yr.

Hope it helps
Henry
917-497-0729