Home Buying in New York>Question Details

Lisa, Home Buyer in Bronxville, NY

Is it possible to put 10% down on a coop as a second home (pied a terre)?

Asked by Lisa, Bronxville, NY Fri Jul 26, 2013

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It might be "possible", but very difficult for two reasons, both of which are part of your question. Many coops do not allow for a pied a terre an most will require 20% down or more. It they don't you have to ask some serious questions about why not. Perhaps they have some major financial issues coming up and people are looking to just bail out and the requirements have been adjusted to allow for this. Fine a good broker who can advise you for the specific neighborhood you are looking in. If you would like a recommendation, please feel free to contact me. We have offices all over Manhattan.

Good luck!

Don Mituzas
Licensed Associate Broker
Douglas Elliman Real Estate
Http://www.donmituzas.com
0 votes Thank Flag Link Sun Jul 28, 2013
While there are some co-ops that will accept 10% down, most require 20% or more; consider working with an agent of your own who can provide any necessary information.
1 vote Thank Flag Link Fri Jul 26, 2013
It would likely be an uphill battle. Most co-ops require a higher deposit (sometimes up to 35%).
I'd love to discuss exactly what you're looking for and see what options we could come up with that fit your needs. Please feel free to contact me any time.

All the Best,

Matt
1 vote Thank Flag Link Fri Jul 26, 2013
That is a pretty challenging task. First, on a coop side you or your broker would have to find a coop building that allows both, pied a terres and 10% min down payment. Min down payment requirements are set up by the coop board and vary from building to building. Normally, coops require a downpayment of 20-25% or more.
Second, your bank has to have this coop on their "approved for financing" list - if one bank does not have it, another one may - you should really shop around and speak with several banks. If the bank has the building approved, that is good and you can check with them if they finance a coop with 10% down and what mortgage program they can offer. Financing terms will really depend on your financial profile, income, credit score, other debts, etc...
I would be happy to refer my contacts from Citi and Wells Fargo to you.
0 votes Thank Flag Link Sun Jul 28, 2013
Hi" your debt to income ratio will help determine the answer to that question. I recommend Christian Babcock from Mortgage Master inc 914 447 9691.

Chris
0 votes Thank Flag Link Sun Jul 28, 2013
Hi Lisa. OK, now you know it's possible. I strongly suggest you contact a few brokers either on the advise of family and friends or perhaps from this forum if you choose. A good broker will find something that works for you but keep in mind there may not be a plethora of 10% down Coops out there.

Consider also your time frame, the process, how much time it may take to close the sale and if it work for you. Don't forget sponsor sales as they may be easier to deal with on a downpayment and general time frame as they don't require the dreaded board interview. If I may be of assistance, please feel free to contact me with any questions. Good luck.

Joseph C. Hastings
NYS licensed Broker Associate
Douglas Elliman Real estate
joseph.hastings@elliman.com
Cell: 917-579-1502
0 votes Thank Flag Link Fri Jul 26, 2013
It's possible, but it depends on the co-op's minimum down payment requirements. There are some that allow as low as 10%, but almost all co-ops set a 20% minimum requirement.

Most lenders shouldn't have a problem with a 10% down payment on a second home. It will mostly depend on your ability to qualify for mortgage insurance. Consider meeting with a Loan Officer and see what you qualify for. I'm always available if you're in need of someone to help you with te finance. 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 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Fri Jul 26, 2013
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