Asked by Nielenoelani, Ohio, NY • Fri Feb 20, 2009
I believe that many coops need 20% down. Is that the case for this HDFC coop. I'm from Ohio, so I'm not familiar with the NYC way of doing things. I don't really understand how someone is supposed to make under $65K a year but have $25k - $30K for a down payment.
Also, what is the typical amount of closing costs, and is anyone lending in NY with everything going on in the economy? Is there a flip tax on this HDFC? If so, what is it? And also, everything I've read says something about getting a lawyer. In Ohio, it's not common practice to have to hire a lawyer to buy a house. Why is that necessary in NYC?
This question is about this property: http://www.trulia.com/property/1070206548-530-Manhattan-Ave-
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