I'm interested in CoOps in Manhattan and Brooklyn Heights, but do not want to put 20% down. Is there no way?

Asked by Kim Donohue, New York, NY Sat Aug 1, 2009

to negotiate the 20% down to 10%? I have excellent credit, no debt, and have been easily pre-approved for more mortgage than I need. Just curious if there is ANY flexibility in downpayment requirements by the CoOps. Thanks!

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Corey Wasser…, Agent, New York, NY
Wed Sep 15, 2010
Typically Co-ops require 20-25% down but is you search around you will find some that have much lower requirements.
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M. L., Home Buyer, Brooklyn, NY
Wed Aug 5, 2009
Some co-ops who have sponsor-owned units may be able to offer a co-op with a down payment of less than 20%. My wife and I found such a co-op near Ft. Greene brooklyn. The problem arises in getting a PMI company to back the loan on a co-op. Since Co-op buyers aren't buying "real" property, but rather a proprietary lease, the PMI company has no solid footing on your apartment in the case of foreclosure. Therefore, of the PMI companies that remain today (many have gone out of business in the financial crash of '08) only a few will consider co-ops. Those PMI companies will go through your application with a fine-fine toothed comb. You could be denied for any small infraction.

Some brooklyn heights co-ops may want even more than 20% down. Several properties that my wife and I toured would not accept even 20% down.
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Mitchell Fel…, Agent, Brooklyn, NY
Sat Aug 1, 2009
Dear Kelly:

Although the vast majority of co-ops do require 20% down, there are some that will take less. You just have to find them! Your best bet would be to have an agent help you. Co-ops that require 20% down will not waiver no matter what.

Another option for you would be to buy a co-op straight from a sponser. A sponser is an individual/investor who owns all the co-ops that went unsold in a co-op building when said co-op first came to be. When you buy from the sponser you do not have to go through a board approval process and can use any down payment the sponser is comfortable with and that can be negotiated.

Another option would be for you to purchase a condo. With condos there is no minimum down payment requirement. Your down payment would be based on your qualifications and could be as low as 3.5%. You can even go with no money down if you are a qualifying veteran.

I am an agent in Brooklyn, if I can be of further assistance to you please let me know. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com
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Pierre S King…, , Brooklyn, NY
Sat Aug 1, 2009

My name is Pierre King, Associate Broker at Weichert Realtors H P Greenfield. Addressing your questions, there are ways to negotiate a down payment arrangement. I will be willing to guide you through this process. I do work extensively in Brooklyn, and have an agent working on my team who specializes in NYC.

Please email me at MrRealEstateKing@yahoo.com. Let's make sure you qualify and meet the FREE $8000 TAX CREDIT DEADLINE.


Pierre King, Associate Broker
Weichert Realtors H P Greenfield
718 692 4444 Off
718 253 6853 Fax
Web Reference:  http://www.kandhHomes.com
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