Can my parents in Canada help me buy a Co-op in NYC? Can this somehow be used to qualify me for a mortgage?

Asked by D M, New York, NY Tue Mar 19, 2013

I have excellent credit and a secure decent job in healthcare ($80K ) but no downpayment. They've said they will help me but I wonder if, because they are in Canada, it will help me qualify. Any advice would be appreciated. Thanks.

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Anna M Brocco, Agent, Williston Park, NY
Tue Mar 19, 2013
Your loan officer can better advise, therefore consider a consultation; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
1 vote
yes, please e-mail me directly and I will provide you some names
Flag Tue Mar 19, 2013
Hi Anna, I understand and thank you for responding. Would you recommend anyone in particular?
Flag Tue Mar 19, 2013
Jacques Ambr…, Agent, Forest Hills, NY
Thu Mar 28, 2013
You will need a gift letter for the money they give you. As far as them being a guarantor that might be a little trickier when it comes to coops. You need to talk with a mortgage professional, and a Real Estate agent to help put this together. I'm sure you can work this out.
0 votes
Anthony Busa…, Other Pro, Piscataway Township, NJ
Thu Mar 28, 2013
You may have more then one option with your scenario, please contract your local mortgage consultant. You may also check with a Canada banks that operating in the US like a TD Bank.
TD Bank Group is a US base bank owned by The Toronto-Dominion Bank is a Canadian multinational banking and financial services corporation headquartered in Toronto. It is the second-largest bank in Canada by market capitalization and based on assets, and is the sixth largest bank branch network in North America. if you would like to explore options please email me at
0 votes
Martina Ryan, Agent, Bayside, NY
Wed Mar 27, 2013
Sure they can. Cash is King!
0 votes
Kim Glass, , San Francisco, CA
Tue Mar 19, 2013
Here are some more answers on a duplicate thread, here:…

-Kim, Community Manager
0 votes
Maryann John…, , New York, NY
Tue Mar 19, 2013
It can be done depending on the Co-Op. The building would have to allow guarantors buying for children.

If you need any further assistance I would be happy to help.

Maryann Johnson
Halstead Property
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Tue Mar 19, 2013
How exactly will they be helping you? The only way they can assist you is by gifting you money for down payment & closing costs. You'll have to qualify based on your own income & credit.

If the entire down payment is coming from money your parents are giving you, the problem you'll run into is that conventional guidelines say you must have at least 5% of your own money and the rest can be gifted funds from relatives. I strongly suggest that you meet face-to-face with a Loan Officer. These are things you want to discuss with a Loan Officet and see what your options are.

We have several branches in NYC where I make myself available to meet with clients. If you need a Loan Officer experienced in co-op lending, feel free to call me. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648
0 votes
Ryan Lehrer, Agent, NY,
Tue Mar 19, 2013
Yes they can.

Email me at and I'll explain the entire process to you.
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Mar 19, 2013
You should check with a local and trusted loan officer what may be available goven your credit rating. Some programs allow a gift from your parents. They may also come on as a co-borrower or if they are giving you the money, you will need to put it into your account long before you close as banks have seasing requests. again check with the loan officer what those requirements are. be up front so they can guide you properly
0 votes
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