Can I not buy in Boulevard Gardens if my mortgage and maitenance would be over 30% of my gross income?

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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Anna M Brocco’s answer
Anna M Brocco, Agent, Williston Park, NY
Sun Apr 26, 2009
Co-ops are co-ops and boards set up financial requirements, have your agent contact the management company to verify those requirements and see if you meet them, if not, don't waste your time and money on an application only to be turned down later in the process.

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