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Jovan Dickens, Real Estate Pro in Eastland - Wilora Lake...

can you by a coop if you have the 20% down payment but you are on unemployment 347-494-9051?

Asked by Jovan Dickens, Eastland - Wilora Lake, Charlotte, NC Sun Jan 27, 2013

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This question was asked from this property: http://www.trulia.com/property/3098635295-35-Hudson-St-2D-Yo…

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Hi Jovan, you are not able to make a home purchase while on unemployment unless you have other sources of income that can be used to help you qualify. Once you get back to work you may be able to purchase after being back for a month or two.
0 votes Thank Flag Link Thu Feb 21, 2013
Hi Jovan.

Both lenders and the coop board will evaluate your income as part of the approval process. It is unlikely either will approve you without a source of income sufficient to meet your ongoing obligations of making loan payments, monthly maintenance charges and living expenses.

Michael Richman
Licensed Associate Broker
KIAN Realty NYC, LLC
450 7th Ave Suite 1501
New York, N.Y. 10123
Off: 212-757-8268 x 220
Cell: 917-991-2528
Fax: 212-239-4538
mrichman@KianRealtyNYC.com
http://www.KIANRealtyNYC.com
0 votes Thank Flag Link Mon Jan 28, 2013
It is going to be very tough unless you have another source of income. Have a mortgage broker run the numbers for you.


Tony Murphy

Associate Broker
Houlihan Lawrence
Office: 914-328-8400 ext 329
Cell: 914-471-0992
Fax: 914-328-7902
0 votes Thank Flag Link Mon Jan 28, 2013
Coop boards generally require some income to staisfy the debt to income ratio requirements for purchasing. If you can demonstrate other income sufficient to meet this requirement, then you may be approved. However most unemployment income has an exipiration date so I doubt this income will meet that requirement. Find a condo.

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Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville

Direct 917-855-0277
rey@askrey.net
0 votes Thank Flag Link Sun Jan 27, 2013
Sure you can, as long as you have other financial resources. Income is only one of the factors in the approval process. Total financial resources may outweigh the income issue.

Bob Granata 914 668-9514
0 votes Thank Flag Link Sun Jan 27, 2013
Co-op boards do have their own financial requirements that must be met in order to be approved, and each is different. Consider finding employment first....
0 votes Thank Flag Link Sun Jan 27, 2013
yes ..no problem..call me....for the solution---good luck Bob
0 votes Thank Flag Link Sun Jan 27, 2013
Hi, no you will need to be employed. The coop boards want to see good income, low debt to income ratio, and good credit. Even if you have the down payment you need to have your closing costs which will be about 3.5% of the purchase price and several months of reserves in the bank.

Christopher Pagli
Accredited Buyer Representative
914 406 9023
0 votes Thank Flag Link Sun Jan 27, 2013
can you buy a coop if you have the 20% down payment but you are on unemployment and it cost 55,000. please let me know 347-494-9051
0 votes Thank Flag Link Sun Jan 27, 2013
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