Home Buying in Laurelton>Question Details

Hector, Home Buyer in Queens, NY

I would like to know would a co-op take first time homebuyers, also would the consider to take only 5% down? If not how come? Thank you

Asked by Hector, Queens, NY Mon Sep 27, 2010

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Cecilia Vaentino’s answer
Co-Ops will take first time home buyers, if they qualify to buy the apartment ,most Co-Ops have a minimum
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.
0 votes Thank Flag Link Fri Oct 1, 2010
Co-op communities depend on everyone pulling their weight. They will always consider a first time buyer.
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.
Similar question:
0 votes Thank Flag Link Wed Sep 29, 2010
Most lenders will require much more than 5% down on a co-op, if they offer loans on co-ops at all.
They are a greater risk in lender's eyes, right or wrong.
0 votes Thank Flag Link Tue Sep 28, 2010
Hi Hector,

Coops take first time home buyers. All coops are different in their requirements for a down payment. You need to find an agent or a Realtor to work with you.

Thank you.
Deborah Bacchus
NuPlex Realty
0 votes Thank Flag Link Mon Sep 27, 2010
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.
Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes Thank Flag Link Mon Sep 27, 2010
When it comes to purchasing a co-op, keep in mind that just because you may qualify for a mortgage, does not necessarily mean you will qualify Board's financial requirements. As for percentages down--they do vary from complex to complex, therefore consider working with an agent as he/she can help you locate the unit that suits you best--yes, first time buyers are eligible to purchase co-ops, if the fiancial requirements, credit score, etc., meet the required criteria set by the Board, and again, each complex is different.
0 votes Thank Flag Link Mon Sep 27, 2010
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