What's up everyone. Email me at sargis@corenyc.com to book your FREE 30-minute one-on-one consultation if you are looking to buy, sell or rent in NYC or if you just have questions regarding NYC Real Estate.
The main difference when it comes to submitting a condo board package is that the condo boards don't qualify the buyers. Some condos also might have a lengthy applications, but the board doesn't approve or reject the application. With condos the board has the right of first refusal. DTI, Post-Closing Liquidity don't apply to condos. As long as your lender approves you for the loan you should be good to go. Also, the limitations of someone helping you such as co-purchaser, gifting, parents buying, don't apply to condos either.
I've rented in a coop before and I had to send them a a lot of documents. The board package was a lot. Seeing a rental process I don't think I would consider buying a coop
Well there isn't really a one size fits all approach when it comes to deciding. There are pros and cons for both condos and co-ops. So it really depends on your specific situation. Feel free to contact me for more detailed discussion.
Yes. All cash purchase means you won't have a mortgage payment. You don't have to worry about the down payment requirement, but your DTI and Post-Closing Liquidity must be within the building's requirements. If you don't have any existing mortgages or other debts, in this case your DTI should be pretty low and since you won't have a mortgage payment, you just need to show enough post closing liquidity for the maintenance of the apartment.
Thank you. For subletting in a co-op, there is no down payment requirement, most of the time they want to see at least 40x monthly rent annual salary, solid employment history, a good credit score and depending on a co-op, you might need to fill out the whole sublet application, the financial forms, and require an interview as well. If it's a strict building, they also might calculate your DTI and they might require you to show liquid assets (how much, depends on the building).
What's up everyone. Email me at sargis@corenyc.com to book your FREE 30-minute one-on-one consultation if you are looking to buy, sell or rent in NYC or if you just have questions regarding NYC Real Estate.
This is great to know when it's time for me to buy
Glad it was helpful
Well planned video
Thank you
Good content
Thank you
I'd want to see a video on why coops are so strict with requirements.
Soon should be ready
I am glad I came across to your channel. You give a lot of valuable information. Just subscribed.
Awesome, thank you!
Very detailed video. I just emailed you.
Thank you
👍👍👍👍👍
Do condos have similar requirements?
The main difference when it comes to submitting a condo board package is that the condo boards don't qualify the buyers. Some condos also might have a lengthy applications, but the board doesn't approve or reject the application. With condos the board has the right of first refusal.
DTI, Post-Closing Liquidity don't apply to condos. As long as your lender approves you for the loan you should be good to go. Also, the limitations of someone helping you such as co-purchaser, gifting, parents buying, don't apply to condos either.
Thanks for replying.
Of course
I don’t have all that. cash am done I was looking for one in the Bronx it’s too much
Good luck. Let me know if you need any assistance.
I've rented in a coop before and I had to send them a a lot of documents. The board package was a lot. Seeing a rental process I don't think I would consider buying a coop
Well there isn't really a one size fits all approach when it comes to deciding. There are pros and cons for both condos and co-ops. So it really depends on your specific situation. Feel free to contact me for more detailed discussion.
What if it's an all cash purchase? Do all those requirements still apply?
Yes. All cash purchase means you won't have a mortgage payment. You don't have to worry about the down payment requirement, but your DTI and Post-Closing Liquidity must be within the building's requirements. If you don't have any existing mortgages or other debts, in this case your DTI should be pretty low and since you won't have a mortgage payment, you just need to show enough post closing liquidity for the maintenance of the apartment.
What is DTI meaning
In case of renting in a co-op we also need to satisfy those requirements? By the way great video and very detailed explanation.
Thank you. For subletting in a co-op, there is no down payment requirement, most of the time they want to see at least 40x monthly rent annual salary, solid employment history, a good credit score and depending on a co-op, you might need to fill out the whole sublet application, the financial forms, and require an interview as well. If it's a strict building, they also might calculate your DTI and they might require you to show liquid assets (how much, depends on the building).
Thanks. Wasn't expecting this kind of detailed answer )))
You're welcome
Jeesus, it feels like I'll never have the money to buy something as simple as a 100k co-op lol.
Hopefully one day you will be ready. Feel free to reach out if there is anything I can help you with. Thanks for watching.