Is is possible to buy a coop with my salary of $37,000?

Asked by Vanessa Nicholas, 10468 Sat May 17, 2008

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5
Christine Go…, Agent, New York, NY
Sun Jan 4, 2015
Hello Vanessa,

How are you? I hope you're doing well.

I don't know if you've found a home yet but if not and you're still looking, please feel free to contact me.

I have 2 beautiful & affordable HDFC coop apartments available. They're both located in a very well maintained building yet are specifically price for moderate income wage earners like yourself. The down payment is only 10% at contract signing.

Feel free to check them out at my link below & contact me if you wish to schedule an appointment to see either or both of these lovely homes.

Hope this information is helpful to you. I wish you all the best :-)


Looking forward,

Christine Gordon
Licensed Real Estate Broker
Gorick Realty, Inc.
Cell: 917.881.2924
Fax: 347.328.9352
View listings at http://www.gorickrealty.com
"Home is where the heart is."
0 votes
Jess, , New York, NY
Wed Feb 11, 2009
YES! But you do need to be a credit-worthy buyer, you need to have proof of income, and you need to have access to money for a down payment, even if a small amount.

Income makes you a great candidate for an HDFC purchase of a sponsored unit listed by UHAB - the Urban Homesteading Assistance Board.

You need to know that HDFCs, are limited-equity coops designed for low- and median-income residents who plan to buy for the purpose of staying in an affordable unit in NYC, and while may be a good solution for many people here, it's not going to be the golden egg if you want a windfall by reselling in a couple of years. You will only get slightly more than you paid, but you get very affordable housing.

At UHAB we create, sustain and preserve affordable housing cooperatives.

We have plenty of coop apartment listings on our website at http://www.uhab.coop, and we have a new buyer seminar every other week. Our sponsor units typically cost way below market, starting at $35,000. People need from $2,500 to $5,000 in down payment money.

But you could also buy in a privately listed Coop, and there are a variety of listings all over the city at our website. If you want the Bronx, we have several buildings, and I personally visited a nice one bedroom (eat-in kitchen, living room, bedroom, newly renovated entirely) in the Bronx that costs $68,000 (probably 20% down) on Fulton St. and E. 167th in Morrisania.

Note: The resale restrictions will limit how much you get back from the sale, so be sure the HDFCs are right for you.

Best of luck.
Web Reference:  http://www.uhab.coop
0 votes
Jess, , New York, NY
Wed Feb 11, 2009
YES! But you do need to be a credit-worthy buyer, you need to have proof of income, and you need to have access to money for a down payment, even if a small amount.

Income makes you a great candidate for an HDFC purchase of a sponsored unit listed by UHAB - the Urban Homesteading Assistance Board.

You need to know that HDFCs, are limited-equity coops designed for low- and median-income residents who plan to buy for the purpose of staying in an affordable unit in NYC, and while may be a good solution for many people here, it's not going to be the golden egg if you want a windfall by reselling in a couple of years. You will only get slightly more than you paid, but you get very affordable housing.

At UHAB we create, sustain and preserve affordable housing cooperatives.

We have plenty of coop apartment listings on our website at http://www.uhab.coop, and we have a new buyer seminar every other week. Our sponsor units typically cost way below market, starting at $35,000. People need from $2,500 to $5,000 in down payment money.

But you could also buy in a privately listed Coop, and there are a variety of listings all over the city at our website. If you want the Bronx, we have several buildings, and I personally visited a nice one bedroom (eat-in kitchen, living room, bedroom, newly renovated entirely) in the Bronx that costs $68,000 (probably 20% down) on Fulton St. and E. 167th in Morrisania.

Note: The resale restrictions will limit how much you get back from the sale, so be sure the HDFCs are right for you.

Best of luck.
Web Reference:  http://www.uhab.coop
0 votes
katika willi…, Agent, bronx, NY
Tue May 27, 2008
it also depends on your credit not just your income, sit with a mortgage consultant to determine how much you can afford to puchase
0 votes
Henry Cunala…, , Bayside, Queens, NY
Sun May 18, 2008
It not that simple. Your salary is one part. The down payment amount and credit are the other 2 parts. Speak with your bank to get an idea of how much you can borrow.

Then call or text me an we'll go shopping

Henry

917-497-0729
Web Reference:  http://www.HenryCunalata.com
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