15 percent down bronx coops (sales, apartment, mortgages)

[ogplife]

I know Manhattan's standard is 20 percent at the least in most cases, but in the Bronx would 10 - 15 percent down be sufficient for board approval in most cases?

[mathjak107]

its up to the board, no one can really answere that as each building can be different. your bank may require 20% even if the building dosnt

[ogplife]

Originally Posted by mathjak107

its up to the board, no one can really answere that as each building can be different. your bank may require 20% even if the building dosnt

Does each board have a firm number or do they making exceptions at times based on each individual circumstances.

[mathjak107]

i can only speak for the buildings i know and its a firm number.

[ogplife]

Originally Posted by mathjak107

i can only speak for the buildings i know and its a firm number.

What have you seen to be the minimum down payment for bronx buildings in most cases? I know every building is different.

[bluedog2]

It is the same in The Bronx as anywhere else.Most co-ops require at least 20 % down.
The only real exception is if you are purchasing a sponsor unit in an established building,in which case the sponsor can sell the apartment with less than 20% down if they want even though the building has a higher standard for non sponsor sales.Similarly,buyers in sponsor sales are not subject to board approval.

When I was looking at co-ops in The Bronx I actually saw more buildings with an all cash ( no mortgages allowed at all) requirement than less than 20%.Others had a 50% down requirement.

I don't think boards vary from whatever their rules are on a whim or just because circumstances might be different because they would be opening themselves up to a lot of problems by doing so.I think they would have to actually change the rules,not bend them.

Why would you think it would be any different in the Bronx than in Manhattan or Brooklyn or Queens ?

[ogplife]

Originally Posted by bluedog2

It is the same in The Bronx as anywhere else.Most co-ops require at least 20 % down.
The only real exception is if you are purchasing a sponsor unit in an established building,in which case the sponsor can sell the apartment with less than 20% down if they want even though the building has a higher standard for non sponsor sales.Similarly,buyers in sponsor sales are not subject to board approval.

When I was looking at co-ops in The Bronx I actually saw more buildings with an all cash ( no mortgages allowed at all) requirement than less than 20%.Others had a 50% down requirement.

I don't think boards vary from whatever their rules are on a whim or just because circumstances might be different because they would be opening themselves up to a lot of problems by doing so.I think they would have to actually change the rules,not bend them.

Why would you think it would be any different in the Bronx than in Manhattan or Brooklyn or Queens ?

I was only comparing Bronx and Manhattan. I figured they were different because many things run different from Manhattan although it is no more NYC than anywhere else.

[Jdawg8181]

Originally Posted by mathjak107

its up to the board, no one can really answere that as each building can be different. your bank may require 20% even if the building dosnt

20% is generally a BANK standard. My co-op only required 10% down, but my bank required a 20% downpayment.

[SeventhFloor]

Originally Posted by Jdawg8181

20% is generally a BANK standard. My co-op only required 10% down, but my bank required a 20% downpayment.

its better to put 20% down anyway because then u avoid PMI charges

[Jdawg8181]

Originally Posted by SeventhFloor

its better to put 20% down anyway because then u avoid PMI charges

yes...exactly.