Why don't you consider skipping the Co-op and buying a house? Find a Realtor who will take the time to research multi-unit propoerties that actually produce positive cash flow. I just brokered a deal with an excellent seller's agent who worked closely with me to help my clients obtain a mixed use property with a small store that generates approximately $1000 per month over their mortgage, taxes, insurance and operating expenses. We did this with less money than what you've advertised you currently have to put down on a Co-op.
May I suggest you stay put, continue to rent until your Realtor, Mortgage Broker, CPA and Attorney can put together a more advantageous project to fund your future homeowner dreams? Nothing beats working with a good team of people looking out for your interests. You've been blessed with a lump sum of money. Invest in your future wisely with it. There is nothing wrong with buying a condo or a co-op, but you may want to consider other options that may generate more long term financial benefits before you do.
Enjoy being able to make new homeownership decisions. Wishing you the best in your hunt for a home.
My name is Michael Marsilio with Century 21 Benjamin, I specialize in residential and investment properties in the queens area. With regards to your situation these numbers will vary depending on the development. You really have to take each cooperative individually as the maint charge will vary depending on what is included. As for your income again each board has different requirements such as minimum down payments and income requirements. If you like you may contact me and we can go over your situation and determine if in fact you qualify. Also do you know what your credit report looks like???
You may contact me either by e-mail or by phone 917-681-5475 or firstname.lastname@example.org I look forward to speaking with you.