I am a first time buyer w/ 800+ credit, salary just north of 90k and about 120k in assets (60% cash, 40% retirement). Wells has become my new best friend and is waiting for me to pick a property. Problem is, co-ops (studio apts all under $300k) in the NYC neighborhoods I have been targeting up to this point (midtown east/west, upper west, and other regions south) want 2yrs mort/maint after... [more]
I am a first time buyer w/ 800+ credit, salary just north of 90k and about 120k in assets (60% cash, 40% retirement). Wells has become my new best friend and is waiting for me to pick a property.
Problem is, co-ops (studio apts all under $300k) in the NYC neighborhoods I have been targeting up to this point (midtown east/west, upper west, and other regions south) want 2yrs mort/maint after closing. Outside of a few buildings which I've been told only require 1yr and the odd sponsor unit, I'm under the impression that I have absolutely no shot at getting an apartment.
If you were in my shoes, would you save for another year (and potentially miss out on 4% interest) or just head to Harlem or maybe Clinton Hill/BedStuy, BK (which wouldn’t be the end of the world for me, just not my first choice). Isn’t there some magical cluster of co-ops in Manhattan that I just haven’t stumbled upon that would still consider me a desirable shareholder?
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