The answer is mostly correct , but every co-op board has different requirements , so what I would do if I were you is , if you see a co-op which you like and also fits in your budget - ASK about the board rquirements
For example , some boards do not have a downpayment requirement but their income requirement is much stricter , so it MAY be possible to put down 3 % (Also dont forget to factor in your closing costs ) and buy one
but you wont know until you ask . I am here in the area of Hewlett - Woodmere - Cedarhurst - and I deal with co-ops all the time so contact me if youd like to see some apartments.

okay...thank you very much....

If you need additional assistance feel free to call or e-mail.

Anna
917-576-5376
abrocco@laffey.com

Thank you for giving me the info..now I know.

Unfortunately most co-ops require a minimun of 20% down, no matter the number of bedrooms.

Anna
917-576-5376