Mitchell Lama Coop, Eligible As A Homeowner? (house, transfer)

[ml_hopeful]

Hi all – just got a call from a management company telling me that my dad is coming up for a unit very soon. The question that we have as we put in his application: are there are any special considerations that we need to think about given that he is a homeowner?

He is firmly middle class (earns 65K in single-person household and has small house in BK). He is, however, looking to retire very soon. Between the cost living in a ML co-op and whatever he'll get from selling this current home, he will be much more financially secure in retirement.

Questions I have now:

1) Does owning a home disqualify him from a ML coop?
2) If so, does he need to sell it/transfer it to me before moving in to a ML coop?
3) Are there max asset limits (cash, retirement savings + home value) that may disqualify him as from a ML coop?

[nicolebaruch1234]

for ML coop, you don't need to be first time buyer, as long as you consider it as your primary residency property is fine.

you need to check the ad. they released that time. Different building has different income limit.

btw, congrates to your daddy and good luck.

[Sunny023]

I was wondering the answers to you questions.


1) Does owning a home disqualify him from a ML coop?
2) If so, does he need to sell it/transfer it to me before moving in to a ML coop?
3) Are there max asset limits (cash, retirement savings + home value) that may disqualify him as from a ML coop?

[pinpointpennington]

Did you ever find out Sunny?

[Sunny023]

No :-(