I'm a first time buyer in NYC. I know most coops require at least 20% down but I only have 10%. I have a

Asked by Firsttimebuyer, New York, NY Sat Apr 25, 2009

stable federal job (salary won't qualify me for the first time buyer tax break), high credit score and no debt. I know some coops have discretion regarding the required financing? What's the best aproach to exploring the 10% down possibility? Can anyone offer insight to the board at 325 W 45th?

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3
Alen Moshkov…, Agent, New York, NY
Tue Apr 28, 2009
Hi first time home buyer.

To answer your question gently. Without knowing all the facts, I would have to say that you may not qualify for this building or other coop buildings. Most coops as you already know do require 20% down payment, and I think they are even stricter in Today's Market. A main reason why New York is still strong is due to Coop buildings and the financial requirements they put on a buyer. This is not the time when they will be more relaxed, quite the opposite.
If you find a coop that only requires 10% down payment, you will face into another opponent and that's being the BANK. Most banks now require 20 to 25% down payment. with a 10% down payment your interest rate would also be on the higher side and you would want to put more money down.
Would it be possible for someone to gift you money? Please keep in mind that the coop board will want to see liquid cash in your bank account after the purchase and closing costs.

The building which you listed has 4 apartments, and they have a very low deductible of only 38%.

Can you wait, rent, save and purchase at a later time?


Kind Regards
~Alen
0 votes
Fajardo Dela…, , Flushing, NY
Sat Apr 25, 2009
May feeling tells me that the board will look at your
terms of 10% and at least think about it. Call it a change of
the times. You have nothing to loose by trying, maybe a
no thank you. Hey it sounds has if they stand to loose more.
Find your self an agent that is willing to go that extra mile.If you have additional
questions or need an agent feel free to call and direct them to me.
My Direct # 347-813-1290.
Here is my website http://fajardodelacruz.realtors.officelive.com
or my e-mail delacruz.fajardo3@gmail.com
Hope to hear from you soon.
0 votes
Weichert Rea…, Agent, Bronx, NY
Sat Apr 25, 2009
The best Approach is to speak to people in the building or the management company. The second best thing to do is to work with a Realtor who knows the buildings you are interested in or can get access to information about them. The third best thing is to look for a sponsor unit (they usually accept 10% down). if you need more information on what a Sponsor Unit is (it is a lengthy description) please email me or call me at joegreene@weichert.com and 917-974-2600 . Unfortunatey I cannot offer specific insight to the board at 325 W 45th. All the best.
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