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Old 09-27-2015, 03:01 AM
 
3 posts, read 1,767 times
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I am currently looking for a 1 bedroom coop under 200k in the bayside area with a 10% down payment. Would like to have parking as well. I've been recommended Alley Pond Owners Corp. Does anyone have reviews on these coops? Thanks
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Old 09-27-2015, 03:13 AM
 
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i like section 8 in bay terrace . we eventually may buy there. i don't know what the minuimum down payment is and if not governed by the co-op , the banks have their minimum amounts since co-ops are riskier loans to them than condo's or homes . in fact they made my daughter put down 25% plus the amount of the flip tax up front . many co-ops require 25% although ally pond is at 10% but that does not mean the banks will accept that . .

you need to check with your bank to see what they require on co-ops . co-op loans are actually 2nd mortgages as most buildings already have a first mortgage outstanding on your apartment shares .

so your bank is junior to the buildings mortgage so they usually have their own requirements for co-op loans . if 10% is good with them , then at least you know you are good to go .

Last edited by mathjak107; 09-27-2015 at 04:20 AM..
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Old 09-27-2015, 06:11 PM
 
3 posts, read 1,767 times
Reputation: 10
Thanks for the information. I'll have to ask my bank.
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