Tag Archives: loan officer

Is the 20% down payment for a co-op negotiable or a solid requirement?

Posted May 11 by Dottie Herman, Leave a comment

Q: I’m looking for an apartment in Manhattan. I’ve pre-qualified for a mortgage, and have a steady income to afford what I’m looking for, but I’ve only been working for a few years and thus don’t have enough saved for a 20% down payment. When co-ops say that they require 20% down, is that generally a solid requirement or can it be negotiated? Read More.

What can I ask for from a buyer before contract, besides a pre-approval?

Posted November 30 by Jan Scheck, Leave a comment

Q:  I am the seller. What can I ask for from a buyer before contract, besides a pre-approval? Can I ask for the loan officer number or for a contact at the bank? Or, can my lawyer request that they have a commitment within 45 days or else the buyer will be liable for $5-10 thousand of their $80k down payment? Read More.