Home Buying in Fort Lee>Question Details

Andrew Segov…, Renter in Fort Lee, NJ

Are co-ops that hard to get as some people say? what is a good down payment in an co-op?

Asked by Andrew Segovia, Fort Lee, NJ Fri May 25, 2012

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Answers

8
Good credit and good income will get you in. Its only hard because more people do not qualify

This unit is still available. I have a few questions before I send the listing information.

1. How is your credit
2. How long have you been looking

3.What areas are you looking in. I know you already told me please restate
4.Tell me exactly what you are looking for
5. What is your price range

7.when are your available to move in?
8. Do you own or rent?


If you have any questions please call me at 201 848 2068. I will be in the office at 7am


Continued success,

Michael
0 votes Thank Flag Link Tue Feb 26, 2013
Co-ops are very unique. They have an internal application, and also a mortgage application.

I have 16 yrs experience in lending. Give me a call I can Help!!


Let Coldwell Banker bring you Home!!


Jose Martinez
201-494-1973
0 votes Thank Flag Link Thu Jan 24, 2013
If you are looking for a co-op in New Jersey, i am sure that you will find some that will do 10% down. You will not find that in Manhattan, but outside of that, you can.
0 votes Thank Flag Link Mon Jun 11, 2012
Generally 25% down. Each building has a debt to income ratio. GOOD NEWS the price are very affordable.

Please call me for assistance to view properties.

I also live in coop building in Fort Lee.

Janice Prefer
Liberty Realty
917-992-7990
0 votes Thank Flag Link Mon Jun 11, 2012
Co-ops are not hard to find. Most of them have requirements for a down payment such as 20% or 25% and other financial requirements, ratio requirement. In most cases the Buyer must also be approved through a co-op board process. There are some fantastic buys on very affordable co-ops now, especially in Fort Lee and the surrounding areas. One of my specialties is working with Buyers and Sellers for co-ops and condos in the Fort Lee area. Please contact me at any time: (201)467-5738.
0 votes Thank Flag Link Thu Jun 7, 2012
Yes, the best way is cash on the co-ops! There are some co-op buildings that have no financing available at all! You need to find financing and meet the mortgage qualifications and as previously mentionned by other answers the board has its own qualifications apart from the financing and all these conditions have to be met in order to purchase a co-op! Good luck it can be done but you need to do some homework and get a buyer agent who is familiar with the particular process and building you are interested in buying.
0 votes Thank Flag Link Fri May 25, 2012
Co-op Boards have a set of requirements that we need to follow. If we can meet than I can
be able to exlain what is needed. I just rented a apt in 2100 Linwood Ave. Followed the list
given to us by the management and then it was not hard. As Robin Silverberg mentions each
Co-op varies and usually co-op board requires 25% downpayment of the purchase price.

Priti Shah
201-838-5189
0 votes Thank Flag Link Fri May 25, 2012
I get co-op loans for people all the time, and the vast majority have no problem getting approved by the co-op board. Over the years, I have learned that there are times when I can get someone approved for a loan, but it is less likely that a board will approve them with the higher debt-to-income that they have, so I advise them to do as much checking as they can before-hand to see if it is likely they will pass the board.
As far as down payment goes, it varies by the co-op. There are many that will do 90%, especially in the suburbs, however I have one client now who's co-op only allows 75% financing, and have heard of others that won't allow you to have a loan.
0 votes Thank Flag Link Fri May 25, 2012
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