And it varies with the number of households; the number of people living in the apartment
And their collective income.
Qualifying for a loan is totally different than qualifying in a coop.
Most of the time to qualify for an apt Ina coop building will vary and will depend on the house rules
And every coop is different even an HDFC coop. The limit on a salary can be different.
You can be preapproved for a lot of money from a lender BUT if the COOP states that maximum
Financing is 80 percent of the purchase price than that is all you can borrow.
LIC Asso Broker
If you are self-employed be prepared to submit tax returns If you want to bypass income verification, you may qualify for the Stated-Income mortgage program (No-Doc Loan). Please contact me if this is the case as there are additional requirements we'd need to discuss to ensure eligibility.
Paul F. Marzolla
Sr. Mortgage Consultant
Your question sounds simple but the answer is complex. It depends on the definition of "gross" and "adjusted"
Federal tax returns do not have a box for "gross income" Many people consider "gross income" box 1 on W-2 "wages, tips and other compensation".
I have sold in HDFC coops that determined maximum income requirement by "Adjusted Gross Income" line 37 on IRS form 1040.
HDFC coops are for "low income" households. The definition of "low income" can expire, change and be determined by the individual HDFC corporation according to it's certificate of incorporation and bylaws but the highest standard HPD (Housing Preservation department) will accept is 165% of the median income for the NY metropolitan area.
Licensed Associate Real Estate Broker
The Corcoran Group