Home Buying in 10026>Question Details

Jenk, Home Buyer in 10026

Does owning real estate (a home in another state) make me ineligible for an HDFC apartment purchase in NY?

Asked by Jenk, 10026 Thu Mar 22, 2012

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BEST ANSWER
Hi jenk,

An HDFC coop must be your primary residence. Owning a home in another state may make you ineligible. Why do you own another home? Are you planning on selling that home and relocating to NY? Do you receive income from the other property? Will the income you receive put you over the HDFC income cap? These are all questions the board will want answers to.

Mitchell Hall, Associate Broker
The Corcoran Group
MHALL@corcoran.com
917-312-0924
1 vote Thank Flag Link Thu Mar 22, 2012
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
There are many rules and regulations involved in purchasing an HDFC apartment. The guidelines are strictly observed. If you fall under the income cap for the specific building and this will be your primary residence, then yes, you can purchase. If you are looking at these apartments as an investment, look elsewhere. Usually the rental guidelines are very limited and must be closely observed by the building.
Michele Portnof
Associate Broker
Rutnberg Realty
mportnof@crrnyc.com
0 votes Thank Flag Link Mon Jul 1, 2013
if your income fits the income guidelines for the property and you are using the hdfc as your primary residence, you should be fine. if you are buying the hdfc as an investment to flip it will not work.
0 votes Thank Flag Link Thu Apr 18, 2013
Keep in mind that an HDFC co-op must be your primary residence, and they do have income restrictions; therefore owning another property may pose a problem when it comes to qualification.
0 votes Thank Flag Link Thu Mar 22, 2012
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