Down payment assistance and coops

Asked by Tais44, Yonkers, NY Thu May 23, 2013

Can a coop board deny my offer if it is conditioned on getting a grant?

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3
Marissa Medi…, Agent, Bronx, NY
Tue May 28, 2013
Unfortunately Cooperative boards do all if not all the decision making of who can purchase shares/stocks of a unit/apt. Cooperative would have a check off list for prospective buyers a request for a financial statements showing sufficient assets and verification of where the monies are coming from, some boards may restrict special programs or grants as forms of financing.
It really depends on the board and how stringent they are.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri May 24, 2013
Keep in mind that co-op boards have their own financial requirements that must be met, and each is different; therefore grant, or not, if those requirements cannot be met, highly likely that the application will be rejected....
0 votes
David Rodrig…, Agent, Bronx, NY
Thu May 23, 2013
Hi Tais,

With a deposit and a mutually agreeable price, you should be able to get an accepted offer. When you present yourself before the board for approval, they will approve or reject you based primarily on your credit, debt, and reserves, not on if you received a grant.

It is always a great idea to apply for grants whenever possible so long as they do not impede your ability to close. Your realtor, loan officer, and attorney should work together to make sure you can achieve both. Please let me know if you have any questions.

David Rodriguez
david.rodriguez@pantigagroup.com
718.451.6859
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