Kbridge - Qualifying to buy a home on your own, and passing a coop board's rigid requirements can be 2 distinctly different things. Perhaps where you are in MN, this isn't the case, but it is the case in NYC. The coop boards can be brutal. I had to co-sign for my son to rent an apt. in a coop building, and we both had to jump through hoops, as well as meet in front of the board for an interview. I had to show an income equal to 8 times the rent, just as a co-signer - buying requirements can be even more stringent. Every board is different.


Gina......If you are qualified on your own to do so, .buy a condo instead of a coop. At least that way you won't need a coop bd's approval, otherwise, if your parents are willing, then that may be the only choice you have if you want to buy that particular coop.

Good luck
Debbie Rose
Prudential NJ Properties

Dou really NEED to purchase? As if your parents co- sign for you the loan is really their responsibility NOT yours. If your old enough to be on your own and a responsible person then maybe it would be best to WAIT and aquire whatever the deficeint qualifications that required a co-signor. Trust me there will property to buy when you qualify on your own.

Hi Gina
Actually, I think you're lucky the board will allow your parents to guarantee your purchase. Some boards in the city won't.

Good luck with your new place!
Debbie Rose
Prudential NJ Properties

It is not bad. The board is being careful and responsible.The board has a responsibility to insure the co-op's financial well being. If enough owner-occupants become unable to make prompt payment of their monthly assessments, the corporation may be forced to allow underlying mortgage and property tax payments to go unpaid. The entire property could be sold by court order in a foreclosure suit. Such a sale would destroy the interests of all occupants/shareholders, even those who paid their assessments.

Hello Gina123,
Most co-op boards are very conservative when it comes to finances, and they may err on the side of caution. For whatever reason they have the Board wants more guarantees. So its not bad or good, its just they way they are protecting all the shareholders.
Good Luck,
Bob