Asked by Amity, Astoria, Queens, NY • Thu Apr 23, 2009
I visited a few units last weekend with my agent, and the selling agent was very hostile over my decision to bring representation. I made an offer on one unit, and before I even got a response from the seller, I was told that according to my reported income, I couldn't meet the Board's requirement of keeping my mortgage and maintenance under 30% of my gross income. We asked if there was any way to ask the board to consider allowing me 33%, based on my very high credit score, 25% down, and lack of other debt. She said there was absolutely no way.
Does anyone know if this 30% limit is actually a Board rule? Is this normal for co-ops overall? I wonder if I'm being jerked around because the selling agent doesn't want to share commission.
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