how much do i really have to put down on co op?

Asked by Keke25, Laurelton, Queens, NY Wed Jun 24, 2009

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Diallo J. St…, Agent, Jackson Heights, NY
Sun Jul 5, 2009
Hi Keke25,

I like Judy's answer below. I'd just add that if depending on the specific coop's income requirement formula, you may have to put a larger down payment than the minimum required by the coop to qualify from that coop's perspective. This is because some coops use income formulas based in part on how much your monthly coop obligation is as it relates to your income. So, the large the down payment, the lower your monthly mortgage payment + maintenance and therefore the lower your income can be.

For example, if your mortgage is $1100/mo and maintenance is $500/mo and the formula is $40K + 12 x ( total monthly mortgage + interest), you'd be required to make $59,200/yr - maybe you do; if not, a larger downpayment would reduce the number. Every coop is different, so make sure you're working with an agent who understands them very well, and follow his/her guidance.

Hope that helps! Don't hesitate to contact me directly with more questions.

Diallo J. Stevens
Associate Broker
CENTURY 21 Best, Inc.

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1 vote
e, , Alameda, CA
Wed Jun 24, 2009
They are correct you usually have to put 20% down. I have a great little peace on co-op vs. cond in my blog I recommend you take a look. Good luck
1 vote
Cynthia Cros…, , Manhasset Hills, NY
Wed Jun 24, 2009
It will vary based on the co-op board, but the standard is 20%. Many co-op boards have grown to reqest 30% and become extremely vigilant when it comes to a buyer's financial condition and other qualifications. Since a co-op is not real property, the board has the responsibility to represent the shareholders best interest.
1 vote
Therese L Ko…, Agent, Bayside NY 11361, NY
Tue Jun 30, 2009
Hi Keke25, There are some Coops that will take 10% Dp, most are 20%Dp and I have seen as high as 50%. Figure how much money you will have for a down payment.+closing costs. Speak to a mortgage person-work out the numbers and determine how much you want to pay per month. Your mortgage payment + your maintenance per month=how much you can afford to offer/spend. When beginning your search -ask -what the Down Payment requirement is?.. Income requirement? Monthly maintenance? If it includes all utilities?what the flip tax is when you sell? Before even looking at any units. Any questions Terry K 718-614-3167 cell or email
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Jun 24, 2009
It will vary from complex to complex, however, most are 20%. Make sure your financials are in tack and don't assume that if you qualify for a mortgage you'll automatically qualify with board requrements; keep in mind boards do pay close attention to you debt to income ratio as well.

0 votes
Judy Wall, , Shrewsbury, NJ
Wed Jun 24, 2009
It is hard to answer that question. Sometimes there are co ops that do not allow any mortgages at all. Frequently they require at least 20% down. You can find out the terms of the co op from the listing agent.
Judy Wall
Heritgage House Sothebys International Realty
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