NWR - Co-op question

RitasEngaged Posted: Jun 11, 2009 02:36 PM

NWR - Co-op question

DId your co-op have a salary requirement and if you can tell me if it was in Nassau, suffolk, or Queens

Thanks!

bulldoglover Posted: Jun 11, 2009 02:59 PM

Re: NWR - Co-op question

when i purchased, i think there was a salary requirement (my co-op is in the bronx). it wqas based on how much the monthly payments were...the mort + the maint and you had to make a certain % over that. i don't remember the exact figures though. HTH..

julesrbf Posted: Jun 11, 2009 03:32 PM

Re: NWR - Co-op question

Posted by bulldoglover

when i purchased, i think there was a salary requirement (my co-op is in the bronx). it wqas based on how much the monthly payments were...the mort + the maint and you had to make a certain % over that. i don't remember the exact figures though. HTH..

Yes, same for me and I am in Queens.

runnerbride1023 Posted: Jun 11, 2009 03:38 PM

Re: NWR - Co-op question

Posted by julesrbf

Posted by bulldoglover

when i purchased, i think there was a salary requirement (my co-op is in the bronx). it wqas based on how much the monthly payments were...the mort + the maint and you had to make a certain % over that. i don't remember the exact figures though. HTH..

Yes, same for me and I am in Queens.

Same for me. Long Island. I think most Co-ops have this requirement.

RitasEngaged Posted: Jun 11, 2009 03:45 PM

Re: NWR - Co-op question

Thanks girls does anyone know the percentage?

julesrbf Posted: Jun 11, 2009 04:15 PM

Re: NWR - Co-op question

Posted by RitasEngaged

Thanks girls does anyone know the percentage?

Honestly I do not remember. I am sure someone else will!

Sorry!

Its2Snappy Posted: Jun 11, 2009 04:33 PM

Re: NWR - Co-op question

Hey Rita! I am on the co-op hunt now too! FH said he'd rather invest than rent. I am not sure, but I will be looking at a co-op tomorrow, so I'll ask. I think it depends on the co-op board.

cavvento Posted: Jun 11, 2009 05:03 PM

Re: NWR - Co-op question

I'm on my co-op board. We don't have a set number per se, but we do want to see you with a few hundred dollars left each month for 'living money' after you pay mortgage, maintenance, and utility bills.

Typically for a mortgage banks don't want to see more than 30% of your salary going to living (mortgage + maintenance), and 30% going to paying off debt.

Hope this helps! Good luck! It's so wise to make the investment, and you will be VERY thankful when you get your taxes back each year!

bulldoglover Posted: Jun 11, 2009 05:12 PM

Re: NWR - Co-op question

kind of on-topic - my co-op is listed for sale - riverdale section of the bronx, if anyone is interested, FM me!

RitasEngaged Posted: Jun 11, 2009 06:33 PM

Re: NWR - Co-op question

Thanks girls - I am just so nervous about not getting accepted because of salary - but after reading i do feel better

Tina good luck on the search

dec21bride Posted: Jun 11, 2009 09:43 PM

Re: NWR - Co-op question

For my co-op you just needed to be able to put 20% down and show that you had adequate funds in your bank account and a permanent job.

dfw343 Posted: Jun 12, 2009 11:26 AM

Re: NWR - Co-op question

Mine was 28%. I bought by myself...no one helped and they looked at my financials only. I don't think I met the 28% but they considered my great credit score (over 800).
I wouldn't worry so much if you fall a little under. If you have good financials otherwise, they take that into consideration...

edit: I am in Queens.