No problem. When you have the definitive answers to the FHA question we can work on a timeline for you and start looking at properties. If you are a first time homeowner, we can also see what incentives there are to help you monetarily. All the best,

I see, thanks again. I would need a full 2 bedroom, preferably 2 baths but would consider 1 bath. I have a young child.

It is just part of the process of the banks returning to sanity and over regulating themselves. There is really no "good" reason for the banks to change their ways specifically with regards to co-ops, but it makes them look like they are doing something. In terms of an FHA, it is my understanding (and with all of the changes, this may have changed too) that FHA will not loan on a Co-op. Please check with your bank to make sure and get back to me. I would love to know what they say. My office is located in Riverdale and I can get you access to all apartments that any other broker may have. Do you need a full 2 bedroom 2 bath, or would you be able to take a Jr4?

By the way, don't have a particular co-op in mind, just looking for a 2 bedroom for under $325k and would be able to buy sooner if less than 10% is allowed otherwise will have to wait a bit longer. I am only interested in the Riverdale area.

Thank you both for your responses, may I ask why is it banks are hesitant to accept less than 10% for co-ops?

Laura is right that the sponsor generally will allow you to do less than 10% down, however, I have found that the new lending requirements of the banks, and this is a generalization, but I have found no exceptions yet, do not allow the banks to have more than a 90% Loan to Value ratio on co-ops. This generally means that although the sponsor is willing to do less than 10% the banks are not. If someone knows of a bank that is lending more than 90% on a co-op(and I mean right now and not 6 months ago) please let me know. I hope this is helpful to you and I have many sponsor units throughout the bronx that I can show if you are interested.

Yes you can. It depends which coop you were interested in...let us know and we can tell you more.

Best,
Laura