Is it at all possible to find a 2-BR in Sunnyside or Woodside for less than $300k in a co-op building that requires only 10% down?

Asked by Hopefulbuyer, Sunnyside, Queens, NY Thu Aug 19, 2010

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Maureen Mizu…, Agent, Ozone Park, NY
Fri May 18, 2012
I recommend that you hire a competent Realtor to assist you with this. As my colleagues have shared most co-ops want 20% down, so do most banks, also co-op boards have the responsibility of makeing sure financially capable people buy into the co-op. Forclosures bring down the financial viablilty of the co-op and all the shareholders stand to lose.
Having said this, there are some grant programs around that will assist with down payment money and or closing costs. They also provide financial counseling for purchasers to help them plan for the future and avoid losing their home to forclosure. Hope this helps.
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David Callag…, Agent, Flushing, NY
Fri Aug 20, 2010
It is possible, but very difficult. There are only a few co-ops that will accept 10% down, and these developments also have other requirements. Finding a bank that will issue a co-op loan for less than 20% will be just as difficult.

Are you looking only at those neighborhoods?

What suggestions has your Real Estate agent made?

Good Luck in your search.

David Callaghan
Keller Williams Realty
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Anna M Brocco, Agent, Williston Park, NY
Thu Aug 19, 2010
You can check under the Find a Home tab and then by area-- you will see all currently available units by area--unfortunately most co-ops in the area do require 20% down, however there are some that require 10%--do keep in mind Boards have other financial requirements as well, therefore just because a complex may accept 10% down, does not necessarily mean you'll qualify Board requirements--financial requirements vary from complex to complex no matter the percentage down.
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