We want to buy a coop. I am back in school and Dh is the soul income earner for the next 2 years unless I find a part time job that is flexible.
We are interested in a 2bdrm coop since we already pay ridiculous rent as it is...
Did anyone get approve a mortgage on a coop on 1 salary?
And no we are not rich lol. On his salary we are still considered middle class.
Helene718
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Re: COOP on 1 income?
We did!
kittyke
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Re: COOP on 1 income?
so did we!
nov04LIbride
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Re: COOP on 1 income?
I actually could have gotten our condo on just my income (we tried to switch to get approved for a different mortgage, but we had already applied as 2 so they wouldn't change it). It's definitely possible, but just calculate all your monthly expenses to make sure you will still be able to eat something other than Ramen if you do it!
anjerandunder
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Re: COOP on 1 income?
i think if you want it badly enough you can do it...wells fargo was fine with our income (which is not a lot) because our credit was good and we were putting 10 percent down..good luck..
DjPiLL
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Re: COOP on 1 income?
I bought my 2br co-op on my income alone. Before my FW even moved in with me.
heidla
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Re: COOP on 1 income?
We got ours on just DH's income. Trust me people want to loan people money. As long as you both have good credit you can get a mortgage.
danigirl0
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Re: COOP on 1 income?
my best friend bought a coop herself.
antoinette
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Re: COOP on 1 income?
I got one on my salary alone (which is not terrific ) I think it depends mostly on debt to income ratio and the amount being mortgaged
Maribelle7777
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Re: COOP on 1 income?
We were told yes last night that that is possible
ChristineC68
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Re: COOP on 1 income?
Lots of single people and households with a stay at home partner have co-ops. As long as their income meets the financial requirements of the board and the bank, I see no reason to be turned down.
myasmom
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Re: COOP on 1 income?
Thanks for the response. Dh has credit card bills, but we dont have a car payment so I guess that should be ok. Plus we have a high rent already..I wonder if they look at that. SOme people have no CC bills but high car notes.
