Chockfull of information - extremely helpful and clear for the novice, thank you! Note: we bought a sponsor-owned co-op, and submitted financials but interview was not required.
Why are board applications so complicated? If a bank agrees to loan you a huge amount of money for 30 years, why does a co-op even bother to check your financials?
Great question! Co-ops in NYC usually have stricter financial requirements than your average mortgage lender. You can learn more about the typical co-op financial requirements in NYC here: www.hauseit.com/nyc-co-op-financial-requirements/ P.S. It is possible to find the occasional smaller co-op building that has a less rigorous board application process (and more relaxed financial requirements), but they aren't very common!
Chockfull of information - extremely helpful and clear for the novice, thank you! Note: we bought a sponsor-owned co-op, and submitted financials but interview was not required.
Why are board applications so complicated? If a bank agrees to loan you a huge amount of money for 30 years, why does a co-op even bother to check your financials?
Great question! Co-ops in NYC usually have stricter financial requirements than your average mortgage lender. You can learn more about the typical co-op financial requirements in NYC here: www.hauseit.com/nyc-co-op-financial-requirements/
P.S. It is possible to find the occasional smaller co-op building that has a less rigorous board application process (and more relaxed financial requirements), but they aren't very common!
Because they're dicks.