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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!).
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.
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.
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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