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Emilia Zebro…, Renter in Selden, NY

what do I need in order to buy a coop? im still in college getting a degree, is 10% enough these days?

Asked by Emilia Zebrowska, Selden, NY Mon Jan 28, 2013

This question was asked from this property: http://www.trulia.com/property/3058861412-120-Artist-Lake-Dr…

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Hello Emilia. It depends in which co-op development you are looking in. Usually, it is at least 10%, but it is not unusual for some developments to require 20%. You will also need to b approve by the board by having good credit, show proof of income, 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
0 votes Thank Flag Link Tue Jan 29, 2013
It depends on the development you are looking to purchase in. Most co-ops require at least 10% down or sometimes higher. Many of them have income requirements, as well. Have your Realtor find out as many specifics as he or she can. Best of luck!
0 votes Thank Flag Link Mon Jan 28, 2013
When it comes to co-ops boards do have their own financial requirements that must be must in order to be approved, and each is different. Some do require 10% down, most 20% or more; therefore consider working with an agent of your own who can provide any necessary information. Co-ops boards generally look for good credit, income, assets, tax returns, references, etc.
0 votes Thank Flag Link Mon Jan 28, 2013
Hi Emilia,

Not only do banks rarely lend more than 80% of the appraised value or contract price, whichever is less, but every coop requires at least 20% downpayment. Many coops require 25% or more. You also need excellent credit, income that will support your monthly housing and living expenses as well as sufficient liquid financial assets available to you after paying the downpayment and closing closing costs to cover all of your expenses for at least 1 year and probably 2 years.

Michael Richman
Licensed Real Estate Associate Broker
450 7th Ave Suite 1501
New York, N.Y. 10123
Off: 212-757-8268 x 220
Cell: 917-991-2528
Fax: 212-239-4538
0 votes Thank Flag Link Mon Jan 28, 2013
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