down payment requirement, each Cooperative Corporation have their own rules and regulations with regard to the Financing Percentage allowed and the Income required by each Corporation.
The approval committees look for financial stability first and foremost. While they may also look at character and references, the committee wants to know that if the building encounters an unanticipated problem or needs to perform major work that has not been included in the operating budget, every shareholder has the resources to pay an assessment. Someone may have a great income, fabulous education, and a bright future but pulling a few big bills out of his or her pocket on short notice will be problematic.
We do not see share loans completed with only 5% down payment. The cost to an investor to take back shares is considerable and the risk to the investor increases as the "skin-in-the-game" (shareholders' investment) decreases.
Most of the broads are frim on down payment, But they also look at all the fiancial requirements as a whole. We do find that most will work with a buyer's agent. We will be more then happy to work with you on putting your offer has quickly as possible.
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609