Tag Archives: condominium
I just moved to NYC from outside of the United States, so I don’t have American credit. How can I build my credit so that I can buy a co-op or condo in NYC within the next two years?
Q: I just moved to NYC/the U.S. and it seems I have pretty much no American credit. I am planning on buying a co-op or condo in NYC within the next two years. How can I build credit with a purchase in mind? Read More.
What percentage of occupancy do condos need to allow financing?
Q: I recently refinanced my condo. We have 183 units, 70 of which are subleased out by the individual owners, as permitted by the bylaws (39%). A local Realtor told me that 39% percent was very high since she thought that banks only allowed 10% of a condo or townhouse complex to be occupied by non-owners. Read More.
How can we refinance combined apartments?
Q: We are in possession of two apts. We have combined them into one large unit. Since NYC does not allow two kitchens in one unit, we removed the kitchen from the smaller apt. We are trying to figure out how we can refinance the smaller unit which is at 5 3/4 % at the present time. Our credit is excellent. We have asked the condo about combining the deeds; however, they do not allow it. If you have any suggestions, I would appreciate your input. My husband is 100% disabled and we purchased the second apartment to give him more space. Thank you for your help. Read More.
