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Adderdrene XR has taken quite a hit of late. I jumped the gun a bit. Adderdrene XR is very desirable. These are the essential things you should be doing. We have to set a dollar amount. Maybe I may not be a little nuts about that.
There is no difference in length of time for a co-op mortgage because of the new regulations. There is a longer waiting period for co-op mortgage financing because the lender must review the co-op board's financial statements, research any liens or disputes against the co-op, etc. Mortgage lenders need to verify that the co-op has a minimum 10% of the revenue in cash reserves. Mortgage lenders need this requirement to satisfy there is cash to fix any repairs needed in the building. Since the co-op board's members are shareholders in the building, they may not be qualified to keep accurate & professional records. Therefore, as a buyer, you and the lender need to verify that the co-op maintains a licensed CPA to review & certify the financial records. Also verify that the co-op board maintains an attorney.
Be aware that your mortgage lender is only concerned with you paying the mortgage on time every month. They have no interest whether you pay the maintenance fee on time or not. The co-op board will review your application to verify that you can afford the mortgage payment + the maintenance payment every month on time. Co-op boards cannot discriminate regarding any category under the Federal and New York State Fair Housing laws. However, they can & do discriminate based on the finances of the buyer. As long as you can afford the minimum down payment required, show proof that you can afford the mortgage + the maintenance payment and have cash in savings for a minimum of 3 - 6 months, you should have no problem being approved by the board. The 3 - 6 month savings is incase you lose your job, have medical issues, etc.... more
Agree that you need to contact a mortgage lender and have them verify employment, salary history, credit history, savings, etc. You need to request a pre approval - a letter that states the lender is committed to giving you a mortgage for a fixed amount. Real estate agents need this letter before they will show you any apartments.
Next, be aware that agents are either licensed in NY or NJ. A few are licensed in both states but very few. Hoboken will give you more space for your money and will be cheaper, but you have to factor in transportation costs if you work in Manhattan. You should keep your options open and explore other towns in NJ besides Hoboken. You may need to buy a car living in NJ - but do this AFTER you buy your 1 bedroom apartment. Mortgage lenders hate buyers who make a major purchase before they close on the house.
Another option besides Manhattan is Queens or Staten Island. Both are much cheaper than Manhattan.... more
As a retired realtor in the lower Hudson Valley, you don't have enough saved. A typical 3 bedroom house sells for $700,000.+. If you have a FHA mortgage with a minimum 3.5% down payment = $24,500. + you need cash for closing costs.
If you buy a 2 bedroom condo for $400,000. an FHA mortgage will need $14,000. (3.5% down payment) + cash for closing costs.
If you buy a 2 bedroom coop, you are not eligible for FHA financing and will be required to use conventional financing. Also coop boards require minimum down payments from 10 - 20%, however, the asking prices are cheaper. Example: 2 bedroom coop at $250,000. With 10% down = $25,000. + cash for closing costs.
My advice to you is cut your expenses a lot & start saving.... more
Cash purchases do need board approval. It's not about how you purchase but what your future finances will look like. Cash doesn't impress them and in their eyes can be seen over night. They want to see consistency in your income. Although coops are similar some are run differently then others. What they require is unique to each building. Have your agent inquire with the buildings management company for the most accurate answer.