Before you start looking for an apartment in the city, you should know the basics. The requirements for buying an apartment in NYC can be different compared to other cities. This is doubly true if you are buying a co-op.
What Do You Need To Buy a Co-op Apartment in NYC?
A real estate agent: You can buy an NYC co-op without an agent, but unless you know the co-op you are trying to buy into and know the process really well, it’s not a good idea. You don’t need to pay a commission, and a knowledgeable realtor can help you navigate the complexities of buying a co-op.
Healthy financials: It’s necessary to secure a mortgage regardless of the apartment type. However, when you buy a co-op apartment in NYC, they may have their own financial requirements, such as a stricter debt-to-income ratio and adequate liquidity.
Down payment amount: Some co-ops may require you to have more than the standard down payment amount (20%). It can be as high as 50% in extreme cases.
Documents for the board package: The co-op board may require comprehensive financial records, multiple reference letters (personal and professional), a mortgage commitment letter, etc.
A good board interview: You will also need to pass the co-op board interview to buy a co-op apartment in NYC.
Requirements for Buying a Condo Apartment in NYC
The requirements for buying an apartment in NYC are relatively lax if you are buying a condo. You will need most of the things above, but the financial requirements wouldn’t be as harsh, the down payment requirement would be standard (20%), and there is no board interview.
Read more: Requirements for buying an apartment in NYC
