Location: New York
Submitted 07/22/12 02:26 PM

Q. is it possible to be a home owner/coop in this economy making 53,000 yearly

 

Answer #1
Submitted 07/23/12 12:44 AM
Donald Reich (Prudential Centennial): Agent in New Rochelle, NY Donald Reich (Prudential Centennial)
Agent
New Rochelle, NY

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A.

If you have a lot of cash, and are able to put down a huge down payment, then yes.

Also, interest rates are really low, making it easier to qualify . . . if you have good credit!

Non-member response
Submitted 07/23/12 03:43 AM I have excellent credit but don't have a lot of cash. I will continue to save . Thanks for that answer.

Answer #2
Submitted 07/23/12 10:13 AM
Christopher Pagli - William Raveis Legends Realty (William Raveis Legends Realty Group): Agent in Rye, NY Christopher Pagli - William Raveis Legends Realty (William Raveis Legends Realty Group)
Agent
Rye, NY

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A.

Absolutely, You will want to have a clear understanding of what your debt-to-income ratios are .   Also what the coop requires for approval.  Your ratios are made up of two parts, front end (what yourhousing expenses will be) and back end (your housing payments plus any other existing monthly debt).  Your loan officer can help you figure these numbers out.  The coop will also require a minimum down payment, several months of reserves left in the bank after making that down payment and paying closing costs, good credit, and strong income.  They care more about good income then cash in the bank because it can be spent overnight.

 

Sincerely,

 

Chris
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