Give me a call at (718) 698-2179 at Prosperity Real Estate Group, We are on Richmond ave as well, I can help you answer any questions you may have, this is not commitment to come with us. YOu can call and inquire about this even if you are already working with someone. Buying a properity is a constitutional right, and we are here to make sure you are not provided with erroneous information. We welcome this questions because it allows us to do research for you and ourselves which we can share with others.

My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.

You will need to have documented income to buy. Debt is debt not income.

The answer used to be yes, but since the whole real estate market fell, the answer is now no. Banks have become a lot more selective about who they are lending money. They are lending money, but they are concentrating on those who have good credit ratings, income source and even how much of a down payment the buyer is going to use.

As a realtor selling coops and condo's in the Bay Ridge area for 8 years..I can tell you your chances are slim to none. My first question is whether your pre-approved by a bank that does coops/condo...not a mortgage broker and then for how much. If you have 10% down most coops won't take you. They will also look at your loans, assets and if you have enough money left over as a safe cushion after purchasing. If you can get a bank to loan you the money, you might want to consider a sponsor sale. Some but not all sponsors are willing to take a candidate with less perfect credentials than a board. Condo's are typically priced much higher than coops but do not have board requirements. So your first step is the prequal. Forget how long you intend to live in the unit... thats your business. If you can get a co-signator on your loan that may make a difference.

Sorry I answered your question and then read the other answers, but I will still double check. If there is a possibility, I will get back on here and let you know. I would like to know how long til you graduate though.

That is interesting. I am going to do some research and get back to you. I think not but do not want to jump to that conclusion for sure. How long till you graduate? It would be great for me to speak with you. Besides the lender you may have a problem with the coop board as they can be feisty. I will check on the lender side and get back to you. If you have other info, please call me at 516 594-1400

Andrew,
I just came across another question which had a few good mortgage tips and web links that may work for you. The situations are different, but check it out. It is just below this post as "Web Reference".

Andrew,
A point all of the REALTORs, myself included, forgot to factor is of utmost importance:

How long to you intend to live in the property?

Are looking to buy now, then sell in two years after you graduate? If so, the general housing market makes that inadvisable. Even in a good market, the one-time costs of obtaining a home (mortgage application fees, taxes, title transfer, etc.) SOMETIMES make a short term purchase a bad idea. But, if you can hold the property and rent it out, it could well make a great investment. Please consult an expert in the Bay Ridge/Fort Hamilton area before you decide your market is not a good one. There are pockets all over the nation which are doing well.

Back to your loan issue: don't get discouraged. The intricacies of condos vs. co-ops are far outside my area of expertise; but I’m sure something can be done. There are a surprising number of loan options out there, and some of them are very local in nature (meaning: most the people who posted here wouldn’t know about them). It appears that all the answers posted came from REALTORs, not mortgage professionals. Aileen stated that she could give you a referral to a loan officer. Why don't you take her up on that offer before you drop the idea altogether? It will only cost you a bit of time. I think I speak for everyone when I say: we all wish we had purchased our first home sooner. Try a little harder to make that a possibility for you and your future family. Best of luck!

ok thank you all for your help. i will just have to wait 2 years while i complete my masters. thank you all.

Even if you can get a mortgage you will have trouble getting into a coop without a guarantor, co purchaser or a parent buying the apartment. Many coops don't even allow guarators or co-purchasers. Most coops require a minimum of 20% down. The few that allow 90% financing will require a higher income. Most coops look for a 25% income to debt ratio. Unfortunately student loans are considered debt not income.

In a condo if you can get a mortgage and have the down payment it might be possible. However, a condo will cost 15% more than a coop and will require much more money for closing costs. NY state has a mortgage tax (approx 2%) of the mortgage amount that is imposed on real property buyers. A coop is not considered real property it is considered personal property so there is no mortgage tax on coops. A coop loan is actually not a mortgage but rather a coop loan.

More information about NYC coops and condos below:

wow thank you all for your responses I really appreciate it. So I will try quicken loans and see what happens. Im looking in the range of $165k-$190k. The most I could put down is $20k and my credit is good. Would it hurt or help to have my fiance on my application? She is a student too and also has great credit. We wont have access to a co borrower nor would I feel comfortable asking someone to do that for me. I guess its a long shot, but has anyone ever heard of a student doing this?

It might be possible to do a no income loan if you excellent credit. That is more of a long shot, but don't rule out that as a possiblity. While I tend to agree with the majority responses in that you will need a cosigner, I wouldn't rule out the possibility that you could accomplish your goal.

You might increase your chances if you had 20% down. Talk to a lender.

You'll need to check with your lender. I'll guess you need a co-borrower or co-guaratee to sign the loan, but might depend if you have assets as well. If you need referal to a good lender let me know or you might try quicken online. I would guess you will need to speak directly to the loan officer and not apply entirely online and you may need to use a common sense lender, not just one who will plug in the numbers to a computer to generate a yes/no answer. A common sense lender will look at the application and situation manually and generate a response to a loan committee or underwriter.

Most likely you would need someone to co-sign for you. Consult a Mortgage Broker for advise. I believe they have some student programs.

Bridgette gave you great advice. Definitely speak with a loan officer as your starting point. I could provide a referral to you to speak with a Manhattan loan officer. They'll let you know what you'll need to do and what you can do. Just so it's clear - I get nothing from this referral and you don't have to tell them I referred you.

Probably not without a co-signer. You need to speak with a mortgage professional. Get a referral from your REALTOR, a friend, or call your bank. This is the first step in home ownership--don't let it scare you off the idea. A good loan officer will either be able to make something work for you or provide some solutions to make a mortgage possible for you in the near future. Best of luck and happy hunting!