Home Buying in Civic Center>Question Details

mandywangwfg, Home Buyer in New York, NY

i want to know if true that if you pay 50 percent of down payment for the coop,they don't check your credit and you can still get mortgage

Asked by mandywangwfg, New York, NY Sun Feb 17, 2013

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This question was asked from this property: http://www.trulia.com/property/3089250396-170-Park-Row-2A-Ne…

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8
More than likely your credit will checked; keep in mind that each co-op board has their own financial requirements that must be met in order to be approved...
1 vote Thank Flag Link Mon Feb 18, 2013
Yes, they will run your credit. As you've probably discovered, maintemamce costs can often be high so the board will want to know that you have the means to pay.
1 vote Thank Flag Link Mon Feb 18, 2013
You pay 100% down and your credit will be checked. The purpose of this is to insure you are responsible, and a lawful person and will be a good member to the community of a building.
0 votes Thank Flag Link Tue Feb 19, 2013
Hi,

There is no relationship between a downpayment and credit check. A high downpayment means that you have cash on hand, not that you are a creditworthy person who pays their bills on time. Also, both the coop and lender run credit reports.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
0 votes Thank Flag Link Mon Feb 18, 2013
Hi Mandy. A Coop board will always do a credit check. The application process has that requirement and you get the pleasure of paying for it. Many people have very good assets but less than great credit. A credit report is one tool the board uses to try to make sure a new shareholder can not only buy into the building but will continue to pay their obligation. Now, considering your question, hows your credit? Good luck.
0 votes Thank Flag Link Mon Feb 18, 2013
Hello. Down payment requirements vary by co-op board/development. In my experience, the average down payment requirement is 20% of the purchase price. Co-op boards do conduct credit checks, and some co-op developments even conduct criminal background checks, etc.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
(631)384-3695
http://cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
DeVonte.Williamson@cbmoves.com
"I Stand Behind Getting You Results!
0 votes Thank Flag Link Mon Feb 18, 2013
I've never heard of this. Coops will always check your credit because they want to know your history. Coops don't care that you have tons of money in the bank because it can all be spent over night. They want to see consistency with payments, income, etc.

Chris
0 votes Thank Flag Link Mon Feb 18, 2013
Your credit is always run. Even if you were to pay all cash, the mgmt company will run your credit before you meet the coop board.
0 votes Thank Flag Link Sun Feb 17, 2013
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