Tag Archives: mortgage financing

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.

We were told our loan was going through and now they are saying our debt to income ratio is probably too low.

Posted December 13 by Jan Scheck, Leave a comment

Q:  We have a house appraised at $720,000. We recently applied for a refi and home equity loan since our current mortgage is based on LIBOR and we are concerned about interest jumps on our adjustable. We have never had an issue with not being able to make payments till now. My husband is a financial adviser and hasn’t been able to earn enough to pay our bills. We have dwindled our savings to nearly nothing. We were told our loan was going through until the mortgage guy was fired last month and now they are saying our debt to income ratio is probably too low. We need the home equity loan to hold us over until we can figure out how to increase our income, etc. Now what? My income has doubled but is very low given my profession … Read More.

How does a co-op work? Are appliances included? How soon should I start working with an agent?

Posted December 6 by Team Elliman, Leave a comment

Q:  I will be relocating to NYC within a few years for work and have started casually looking around for housing options.  I had a few questions. How exactly does a co-op work? Are appliances generally included? How soon ahead of moving should I start working with a real estate agent? Read More.