Yes, you can buy a Condo but you can also buy a Coop as long as you meet the criteria. Coops are a lot cheaper that Condos, apple to apple. From your questions, I see you live in Forest Hills, which is my neighborhood. I know quite a few Coops in Forest Hills where you can buy and your brother can live if you meet the qualifying criteria. For example, do you currently own your home? If yes, do you have any mortgage?
How is your credit and income? I do not expect you to answer these private questions in a public forum, so please call or email me directly. I will be glad to help you any way I can. There is no obligation, you do not have to use my services. Thank you.
- Belal Mohd
If you're buying a Condo unit under your name, it will be no problem to let your brother live there, because there is no board requirement whoever buys the unit.
But, if you're buying a Coop unit, you have to know about the board requirements of that building. Most of the Coop boards require that whoever the buyer/s is/are, he/she/they have to live there and not just let anybody to occupy the unit.
There are few Coop buildings that can allow you to buy the unit and let your brother live there if the board members are not that strict and they allow the units be rented. Your price range will determine whether you can buy a Condo or a Coop. In Flushing area, 1 bedroom Condo's starts at $238,000, while Coops starts at $135,000 (again, you have to know the board requirements).
Let me know if I can be of help.
Ray 917-693-3024 or email@example.com
Sterling National Mortgage