Coop Question

dandj Posted: Mar 07, 2004 06:48 PM

Coop Question

The two places we looked at today told us that there is either a 20 or 25% minimum down payment required... which is going to be kind of hard. Does anyone know if this applies to all coops? Thanks.

Sonicstef Posted: Mar 07, 2004 07:19 PM

Re: Coop Question

From what I understand, that is fairly common since they want to make sure you are more than financially able to pay the mortgage, etc.. But thats only the stories Ive heard from NYC rather than Long Island. It probably depends based on how desireable the place is and what your competition is offering.

May2704bride Posted: Mar 07, 2004 08:08 PM

Re: Coop Question

It applies to a good portion on Co-op sales however you will find some places that only require 10% down depending on the area you are looking in.

palebride Posted: Mar 07, 2004 08:21 PM

Re: Coop Question

all of the co-ops wer lookeda t required 20% down

August2004 Posted: Mar 07, 2004 09:24 PM

Re: Coop Question

we are in huntington village and they would not accept anything less than 20%. They actually pushed for more.

AtticaQT Posted: Mar 07, 2004 11:12 PM

Re: Coop Question

From my research - i've noticed that most of the nicer coop units do require at least 20% down. Where did you look?

dandj Posted: Mar 08, 2004 07:11 AM

Re: Coop Question

We went to Deepdale Gardens in Little Neck and Cryder Point in Beechhurst.... Cryder Point was really nice... had a pool and a doorman and the coops were much bigger.

kittyke Posted: Mar 08, 2004 07:59 AM

Re: Coop Question

We have a co-op in Holtsville and we had to put down 10%, the bank said only 5%, but then the co-op made us put down 10%.

dgtlsunshine Posted: Mar 08, 2004 10:23 AM

Re: Coop Question

Friends of mine were looking into coops the other day and they were telling me the same thing. The bank was approving them with 5-10% down but then the coop demanded 20% and sometimes more.

Ang&Rich Posted: Mar 08, 2004 02:47 PM

Re: Coop Question

I bought a co-op in Bayside and we had to put 20% down per the co-op board. It's a lot but like someone mentioned above - they want to make sure that you can afford to be there. Our place also has minimum household income requirements. On the positive side - putting so much down means more equity in our place!