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Unread 05-08-2008, 06:40 PM
 
Location: Zone 6- South Jersey
257 posts, read 598,945 times
Reputation: 76
Question Do I need a 20% down payment for a co-op in Queens/on LI?

Any info on this is appreciated.
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Unread 05-08-2008, 06:43 PM
 
Location: Suffolk
451 posts, read 1,055,338 times
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You do if you don't want to pay PMI.

Your lender may require it as well, based on your credit, equity, income, etc.
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Unread 05-08-2008, 06:44 PM
 
323 posts, read 514,616 times
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All depending on the co-op board. But most are looking for 20% This book could help with your questions Amazon.com: The New York Co-op Bible: Everything You Need to Know About Co-ops and Condos: Getting In, Staying In, Surviving, Thriving: Sylvia Shapiro: Books
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Unread 05-08-2008, 06:49 PM
 
7,081 posts, read 22,280,959 times
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Each co-op board sets limits for how much of a down payment you need to make. There are some buildings in Manhattan that don't allow ANY mortgage.

You need to ask at each building what the rules are - and your real estate agent should be telling you this (and telling you BEFORE you see the apartment!).
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Unread 05-08-2008, 07:03 PM
 
Location: Zone 6- South Jersey
257 posts, read 598,945 times
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Thanks for the info, I have a lot of homework to do.
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Unread 05-08-2008, 07:11 PM
 
Location: Island of long
3,444 posts, read 5,085,368 times
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More importantly, are you able to get a mortgage with less than 20% down? My guess would be no. Especially after this financial mess.
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Unread 05-08-2008, 07:57 PM
 
Location: Zone 6- South Jersey
257 posts, read 598,945 times
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Quote:
Originally Posted by rocafeller05 View Post
More importantly, are you able to get a mortgage with less than 20% down? My guess would be no. Especially after this financial mess.
Good question.
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Unread 05-08-2008, 08:06 PM
 
Location: Suffolk
451 posts, read 1,055,338 times
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Our credit is very high, our down payment was hefty, and the income was good. But with this mortgage crisis, we had to jump through hoops we never had to do when we previously purchased. We had a $300 balance on a credit card that we paid off; however, b/c we were closing before that payoff showed on our credit, our lender actually had me conference call the credit card company to verbaally confirm our payoff. And our debt/income ratio allowed for that little balance too.

Good luck to anyone trying to get a mortgage. Because of sub-prime lenders, mortgage brokers and people defaulting on their mortage, buying a home has become a nightmare experience.
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Unread 05-09-2008, 04:40 AM
 
Location: Lynbrook
517 posts, read 1,579,981 times
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If you are a first time homebuyer, there are still programs that will allow you to get a mortgage without 20% down if you have good credit and income. Check Bank of America. Also check with ACORN housing. They're a non-profit group that works with several banks. They do credit counseling and mortgage counseling. As far as coops go, I have yet to find one that accepts less than 20% down payment. I was helping a good friend look for one just over a year ago. If you are making less than a 20% down payment, look at condos. They are more expensive though.
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Unread 05-09-2008, 09:10 AM
 
Location: NJ/NY
10,522 posts, read 10,113,289 times
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Most co-ops require 10-20% down in the tri-state area, regardless of what type of mortgage you get. I was looking into co-ops for my father last year and found this to be the case in Westchester and LI. I didn't find any that accepted 0% down. If you get a condo it will be a different story.
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