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Old 03-31-2012, 03:03 PM
 
2 posts, read 2,848 times
Reputation: 10

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Hi everybody. So I'm seriously thinking of buying a coop in nyc, but I found contradictory advice so far.
I want to get a mortgage on my and my wife's name, my score is 680 and hers is 700. (I have 3 paid in full collection accounts on my report, most recent settled this year)
We made 45k last year, but only 29k in 2010. In 2010 my wife worked full time and me part time, and in 2011 I worked full time and my wife part time.
I'm willing to put down 20% on a 140k coop in queens or brooklyn, the thing is 2/3 of that down payment was given as a gift. This year so far we're on track to making 50k+... Will I encounter any problems getting a lender to approve us? Also, we don't have any rental history proof, my wife is working part time, and i've only been at my job for 1.5 years (began right after finished my degree, same field). I know it's a lot of information to process, but I'd really appreciate it if anybody in a similar situation has had any luck in the current market and can spare some advice. Thank you.
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Old 03-31-2012, 06:17 PM
 
Location: Southern New Hampshire
10,025 posts, read 17,942,511 times
Reputation: 35726
If you buy a COOP, don't you have to get approval from its board (as well as financing from a bank)?

Looking at your situation, it doesn't look like any one issue would disqualify you, but you have a lot of separate "issues" that, taken together, might. EG, number of collection accounts (three is a LOT especially with one so recent -- that is not a good pattern to have on your credit, but I'm sure you know that), having such a big chunk of your down payment being a gift, no rental history (I don't understand why you wouldn't have that, unless you lived at home? but you're married so that doesn't seem likely).

You can get a coop for $140k in Brooklyn or Queens? I'm surprised!! That's less than houses go for here in the boonies of New Hampshire (hard to compare coops vs. houses of course, but that sounds like a good deal for you).

Best of luck to you and your wife!
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Old 04-01-2012, 01:46 AM
 
2 posts, read 2,848 times
Reputation: 10
well that's one more thing that I'm confused about. Let me know if I got this wrong. First step is go to the lender, and get pre-approved. Next, is go do the coop application, and if accepted, mmm just notify the lender that you want to close? I've never done this...is this the process? Regarding rental history, let's just say I lived with my grandfather in his apt for the past 2 years, and I was not on the lease. Will this raise flags? BTW, I have no debt, none, $0.
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Old 04-07-2012, 09:34 PM
 
1,182 posts, read 1,136,205 times
Reputation: 439
Quote:
Originally Posted by cheloo03 View Post
Hi everybody. So I'm seriously thinking of buying a coop in nyc, but I found contradictory advice so far.
I want to get a mortgage on my and my wife's name, my score is 680 and hers is 700. (I have 3 paid in full collection accounts on my report, most recent settled this year)
We made 45k last year, but only 29k in 2010. In 2010 my wife worked full time and me part time, and in 2011 I worked full time and my wife part time.
I'm willing to put down 20% on a 140k coop in queens or brooklyn, the thing is 2/3 of that down payment was given as a gift. This year so far we're on track to making 50k+... Will I encounter any problems getting a lender to approve us? Also, we don't have any rental history proof, my wife is working part time, and i've only been at my job for 1.5 years (began right after finished my degree, same field). I know it's a lot of information to process, but I'd really appreciate it if anybody in a similar situation has had any luck in the current market and can spare some advice. Thank you.
If you have paid these off in full, challenge them on your credit report. Collection agencies generally will not reaffirm a paid off collection account. They don't want to ruin your credit. They just want to get your money.
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