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Mohammed Ahm…, Other/Just Looking in New Jersey

In general what do co-op boards look at for the application process? How does the process of buying into a co-op happen? Thank You!

Asked by Mohammed Ahmed, New Jersey Sat Apr 6, 2013

I understand that all co-op boards may be different so my questions are generally speaking. Does anyone know any websites that I can search to learn about specific co-op's? Thank You!

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Mohammed, in general co-ops are looking at your financial documents (income, assets and credit). They'll be looking at what type of income you get, employment stability, and your overall situation. They want to make sure you're able to pay the monthly dues along with your mortgage, and in some unique and rear cases they want you to fit the profile of the co-op's residents. The last thing they want is for someone to move in and default.

What's the process? Begins with you meeting a Loan Officer and becoming pre-approved. I'm always available if you're in need of a Loan Officer experienced with co-ops. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
1 vote Thank Flag Link Sun Apr 7, 2013
Thank you for your reply! I don't plan on getting a loan for my purchase. If I bought into a co-op would I be able to rent it out to anyone I want or would I always need their approval?
Flag Sun Apr 7, 2013
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