Asked by Teadrinker, 10128 • Fri May 15, 2009
I'm looking to buy a co-op in the Bronx or Yonkers, NY and I'm what they call income rich and cash poor. I have very good credit and make close to $70K but not much saved for down payment, about $13K. I'm hoping to find something under $125K. From what I've seen from RE ads, most co-op boards will not accept anything less than 10 percent down, in some cases 20% or more. My concern right now is the lenders. I've been told a mortgage broker acquaintance that 15% is the new minimum to have for a down payment. I don't want to waste my time if I'm just gonna get rejected. Any advice would be appreciated. Thanks!
Real Estate in New York
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