Home Buying in 11235>Question Details

Marina Pak, Home Buyer in Brooklyn, OH

how to buy an apt without down payment?

Asked by Marina Pak, Brooklyn, OH Thu May 15, 2008

i want to buy an coop apartment but i dont have that much money to put down. i got high income excellent credit.

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3
The answer is you dont. Co-ops, especially in Brooklyn, are known to do rigorous searches on your finances to decipher whether or not you have the available income to live in the building. Furthermore, most of them like to see a decent downpayment (10%-20) to ensure you are financially stable. My suggestion would be to save some money for the downpayment. Your closing costs, depending on the price of the co-op, can be quite large (sometimes over 10k depending on your mortgage).
1 vote Thank Flag Link Fri Aug 22, 2008
Contact me. I do Lease to Purchase options on new condos. Low-to-no money down, 2 year leases offered with option to purchase at any time during the lease. 2 years to build credit, money earned during lease period toward downpayment at closing. No bank credit checks. Why rent when you can own for less?
Investors@demagriventures.com / (877) 274 0423
0 votes Thank Flag Link Sun Jan 10, 2010
How much money do you have available to put down for down payment considering that your attorney will cost you $1K and the bank closing costs can range upto $3K? Since you are looking to purchase a Co-op keep in mind that you will have to go through the board interview process. Since I have dealt with tons of these boards they do want to see an additional $5K in your savings after you close incase of emergencies.
0 votes Thank Flag Link Thu May 15, 2008
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