Sonnia Carbone

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What salary would be needed to get approved for a Co-op around $300k?

Asked Mon Apr 7 2008, 22:26 by Buyer - Lincoln Square - Financing - 5 answers

Sonnia Carbone answered:

Most Co-Op boards tend to look at the buyer's total debt, income and credit worthiness,(current and past credit history) and ability to repay the monthly maintenence charges. Please ask your real estate agent to inquire with the co-op board regarding their debt to income ratio standards. For additional information regarding co-op, condo, Single /multi Family mortgage free-approvals please visit us athttp:// www.sonniacarbone.com or email me at sonnia.carbone@wellsfargo.com - Mon May 12 2008, 06:38

A lender I've been working with told me to avoid co-ops because it is much harder to get financing. Is this?

Asked Fri May 9 2008, 17:20 by Alison - New York - Financing - 7 answers

Sonnia Carbone answered:

A mortgage for a SF (single family) is between you and the lender (no board approval)
Mortgage for a co-op can't be extended unless borrower is approved by the co-op board. Financially speaking you need to look at the total costs involved on a co-op purchase vs. a single family or condo including ongoing maintenence/common charges and future or current assessments typically found on condos and co-ops - Inquire about the co-op board prior to your purchase, and work diligently with a reputable co-op mortgage lender and an experienced real estate agent. - Mon May 12 2008, 06:25

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