In Brooklyn, NY what is the required down payment for a Co-op?

Asked by TammySimone, Brooklyn, NY Thu Feb 16, 2012

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Oleg Polonsky, Agent, brooklyn, NY
Fri Feb 24, 2012
20% works in most cases with non-100% co-ops. There is a small number of co-ops that allow 10% down. With 100% co-ops, often the figure is 25%.

Fannie Mae requires at least 50% owner occupancy for conforming mortgages.
0 votes
First Last, , 90002
Thu Feb 16, 2012
Each co-op is different. I have an exclusive listing in Clinton Hill, a lovely two-bedroom, in which the co-op board requires only 10% down payment. The address is 149 Clinton Avenue, the price is $339,000. Please contact me if you or your client would like to view this apartment!

Karla Harby
Lic Real Estate Salesperson
Charles Rutenberg LLC
212 688 1000 x146
karla.harby@gmail.com
0 votes
Wendy Cortese, , New York, NY
Thu Feb 16, 2012
A listing generally has the amount down listed along with the price, number of rooms, etc. As previously stated in another trulia answer, the percent down varies per building. Usually, co-ops demand a higher percentage down than condos, typically 20%-25% vs 10% for a condo. If you'd like to know the percent down for a specific building, please feel free to contact me.
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Thu Feb 16, 2012
Dear Tammy Simone:

There are two things that will determine the amount of down payment you will require, they are as follows:

1) YOUR QUALIFICATIONS. Of course you are limited to the amount of money you have to put down no matter what. In most cases you will need at least 10% just to qualify and the majority of banks may even require at least 20%. You need to meet with a mortgage banker and get yourself pre-qualified in order to find out what you can or cannot do.

2) The co-op itself may have a minimum down payment policy. The vast majority of co-ops in Brooklyn do require 20% down, however, there are some that have no restrictions or may take less than the 20%. This policy varies form co-op building to co-op building. You have to find out the co-ops policy before you make an offer, otherwise you may be wasting your time.

If I can be of further assistance, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Feb 16, 2012
Each co-op has different requirements, therefore check with management...
0 votes
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