Do coops that require only 10% down have stricter income/credit requirements vs coops that require 20% down?

Asked by Fernando, Wed Jan 28, 2009

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Frank Maiorca, Agent, East Northport, NY
Mon Feb 2, 2009
Each cooperative has their own set of income and credit requirements whether you are putting down a 10% downpayment or 20% downpayment. Buyers in a coop who put down 20% will show greater financial stability and avoid paying PMI. Given the recent tightening of the credit markets, you will see larger downpayments required by lending institutions. Sponsored units (or unsold shares) have less restrictive requirements because there is no board approval process. For more information on coops, please read The New York Co-op Bible: Everything You Need to Know About Co-ops and Condos: Getting In, Staying In, Surviving, Thriving.
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Everett Perry, Agent, Fresh Meadows, NY
Wed Jan 28, 2009
The only reprieve that you get on a coop is if its a sponsor unit. All coops are different with their financial requirement, including the downpayment.
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