Home Buying in 11377>Question Details

Zveron51, Home Buyer in 11377

The application for buying a coop apartment requests a financial statement. What does this mean?

Asked by Zveron51, 11377 Wed Nov 4, 2009

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3
Joseph C. Hastings’ answer
Hi Zveron. There is a standard financial stement form from the real estate board of NY. If you're working with a broker, they can provide you with this form.

As stated below, this statement will reflect you income, assets and liabilities along with any current real estate holdings. This all goes to your debt to income ratio which make you either a good or bad risk when looking to buy the stock and lease from a Coop.

Most Coop boards look for a debt to income ratio of 28%. A more liberal board may consider 30%-33%. Again, talk to your broker for additional information.
0 votes Thank Flag Link Sat Jan 23, 2010
They basically are looking into your finances to make sure you can afford the mortgage and maintenance and utilities if applicable; see how financially responsible you are; if you are a good candidate based on that particular Board's requirements, etc.

Anna
0 votes Thank Flag Link Sun Dec 13, 2009
They are looking for a document that either you or your accountant can prepare showing your assets (bank accounts, any real estate owned, 401k plan, etc.) and your liabilities (car loans, student loans, credit card debt, etc.) They will use this document (and back up documents) to ascertain whether you are a good risk to join their corporation.
0 votes Thank Flag Link Wed Nov 4, 2009
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