U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Westchester County
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-18-2011, 10:33 AM
dvv dvv started this thread
 
2 posts, read 12,953 times
Reputation: 11

Advertisements

This is my first time buying into a coop... I recently got married and my wife and I have different financial profiles: I have good credit, long tenure with the same employer, and little debt (just a car loan). My wife has a lot of student loan debt and bad credit (due to collections actions for minor debts like phone companies, ect) and a very short work history.

I can cover all of our costs (including servicing my wife's debt) on my salary, but I am concerned that we will be rejected by the board based on my wife's financial status.

Are coop boards mainly concerned with our ability to pay or will they have a problem with my wife's poor financial choices in the past? Is anyone here on their board's admissions committee?.. and do you have insight into the best approach?
Reply With Quote Quick reply to this message

 
Old 05-18-2011, 11:08 AM
 
414 posts, read 174,711 times
Reputation: 299
have the purchase contract and mtg placed in your name, not jointly, and they won't care about your wife.
of course your wife may object!
Reply With Quote Quick reply to this message
 
Old 05-18-2011, 01:27 PM
dvv dvv started this thread
 
2 posts, read 12,953 times
Reputation: 11
Default thanks

She's ok with that actually... I just thought that it might look like we were trying to hide something. But my wife just told me she asked the broker, and the broker recomended the same thing, so that sounds like a plan. thanks
Reply With Quote Quick reply to this message
 
Old 05-18-2011, 01:29 PM
 
414 posts, read 174,711 times
Reputation: 299
Quote:
Originally Posted by dvv View Post
She's ok with that actually... I just thought that it might look like we were trying to hide something. But my wife just told me she asked the broker, and the broker recomended the same thing, so that sounds like a plan. thanks

I just bought a coop in Westchester myself. I was so worked up for the board approval, it was a joke! Of course all my other friend's who bought told me this beforehand, but it was still stressful.

good luck.
Reply With Quote Quick reply to this message
 
Old 05-18-2011, 04:16 PM
 
Location: Pleasantville, NY
114 posts, read 476,775 times
Reputation: 50
The biggest 'thing' that a coop board is looking for, is confirmation of your finances. CAN you afford the apartment. DO YOU have enough savings to cover the maintenance, should you lose your job, etc.

My in-laws recently sold their house and moved into a coop. My father-in-law was appalled at the questions they wanted to know. They're more than financially stable, but hated the notion that they had to provide lots of documents. It's about the same procedure of applying for a mortgage!

If your wife's past credit history can be explained, they're not going to necessarily deny you because your wife has a bad credit score. If the bad credit is due to while she was a student, and before you two were married, it's a non issue. They interview you, and I'm sure it would be a question that they would ask.
Reply With Quote Quick reply to this message
 
Old 11-28-2011, 12:02 PM
 
3 posts, read 17,967 times
Reputation: 11
I have decent credit but have a lot of credit card debt. I have been looking into purchasing a co-op and stop paying rent and invest in something for myself and my family. I am a single parent for many years now with no financial assistance. My son will be going to college next year and my daughter has two years left in high school. I don't know where to begin. Any info would be glady appreciated.
Reply With Quote Quick reply to this message
 
Old 11-28-2011, 12:06 PM
 
414 posts, read 174,711 times
Reputation: 299
Quote:
Originally Posted by helen220 View Post
I have decent credit but have a lot of credit card debt. I have been looking into purchasing a co-op and stop paying rent and invest in something for myself and my family. I am a single parent for many years now with no financial assistance. My son will be going to college next year and my daughter has two years left in high school. I don't know where to begin. Any info would be glady appreciated.
All they care about is debt to income ratio. Total amount of debt doesn;t matter if your income is high.
Reply With Quote Quick reply to this message
 
Old 11-28-2011, 12:07 PM
 
3 posts, read 17,967 times
Reputation: 11
I've seen alot of ads where no board approval is needed? What exactly does that mean. Does the downpayment for the co-op need to be high?
Reply With Quote Quick reply to this message
 
Old 11-28-2011, 12:34 PM
 
61 posts, read 140,946 times
Reputation: 63
A unit that's "no board approval" is most likely a sponsor apartment. A purchaser of a sponsor unit still has to abide by all co-op rules (pets, alterations, sublets, etc.) and your down payment would have to be what the co-op requires - at least 10% and sometimes much more.
Reply With Quote Quick reply to this message
 
Old 11-28-2011, 12:37 PM
 
3 posts, read 17,967 times
Reputation: 11
ok. thanks for your help.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Westchester County
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 04:25 PM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top