Coop approval

Do you really want to buy into a building with a difficult board who you think will be against you from the beginning?

They gave you 3 clear and distinct suggestions to overcome the very clear deficiencies that you've explained to us. You want more suggestions from anonymous third parties who have no power over the issue? Either confirm or move on. It sounds like the board is bending over backwards to offer you opportunities to get approved, and you want to view it as if they are against you and then go in with an attitude that will impact you for the length of your ownership and residency - crazy.

Confirm -> conform

I lived in a JR four happily for several years until the board approved a single mom and two kids to live in the unity above me. Never again. That said they gave you financial reasons and options to overcome, so what's there to say?

In the finance industry, bonuses are discretionary, and even if you are a producer, subject to management's whims and the overall profitability of the company. As others have noted, the board appears to be making an effort to assess your finiaicial picture with the bonus and get you into the unit. If the lack of bonus is enough to raise your DTI to a questionable level, then the board is doing their job.

Isn't this the second thread about this? "Thank you -- we realize that being in a bonus-based industry gives us an unusual financial profile. We're happy to put down the extra money you requested. If we choose to do the escrow instead, can you tell us when it will expire?"

They're on your side; don't bristle at them trying to help you.

ali r.
{downtown broker}

Bonuses are discretionary.
Employment is at will.

I agree with Ali R. just ask when will the escrow expire, you are only losing 5-10% of the money by putting it into a cash escrow account instead of paying down your mortgage or putting it into equities ( eg. 2 months worth of coop fees) if you are really that hard up to lose that amount for a year or two....then possibly you are over extending?

" Although we provide what They ask (documentation, extra down payment), does it sound we may still have a chance to be approved? Any other suggestions to get approved? "

Just focussing on the last part, if you are doing number 3, increasing the down payment, then yes, your chances sound great. Most people who get rejected by boards don't make it to the board interview. I agree with another commentator that the board is bending over backwards to try to accomodate you.

If they wanted to 'reject' you for 'having children' ( or any other reason) they would not have agreed to interview you. Boards are not interested in opening themselves up to potential discrimination lawsuits--once the interview has happened they are far more vulnerable to claims of discrimination. It sounds like they would like to make this work for you but need assurances that you will be able carry the costs going forward. If you want the deal to go through, choose one of the options presented and move forward.

Do you really want to buy a junior 4 apartment when you have 2 children? This usefulness of this apartment will be short lived as the children grow. I live in a building where the junior 4's are 950 square feet, so the dining area is viable as a second bedroom (with windows). However, people who do that wind up moving out when the children reach school age.