Collecting Unemployment Benefits and Co-op Board

Why would it be an issue? You're collecting on an insurance policy that you paid into.

I would expect they'd be concerned with the length of stable employment history preceding the time you buy, so you'd do well to wait a couple of years from the time of starting a new job before buying a coop.

Best of luck with the job search.

unempbuyer, sorry to hear that. in which sector were you working? tough to predict how a co-op board takes anything. why slaving yourself to what a coop board would like to see when you also have condos or townhouses as possibilities?

your credit score has nothing to do with unemployment insurance. you paid for the benefit of filing through FUTA taxes. go get your hard earn money!

Thank you alanhart and admin for your thoughts. I was working in the financial sector, but before people out there start wondering about my original question, I want to point out that I wasn't at a senior level... and no, no $$$$$$$$$$ bonuses for me. maybe on the next job, who knows.

alanhart - we were looking to buy an apartment in the upcoming months, not in x years, after i have a stable job. my better half has been working for the same company for almost 10 years now so I am hoping that a co-op board will look pass my short term experience and see that we have been financially stable for a while.

admin - as much as I would prefer buying a condo, the truth of the matter is that in most cases condos are more expensive than coop, so it's all a question whether we can afford a condo. I know there is more into that, but for us it doesn't really matter.

unempbuyer - most lenders are looking for 2 years employment history for all borrowers.
How long were you enemployed?
Exceptions can be made if a reasonable explanation is provided.

Co-op boards are not all the same and it's tough to predict what they would say.

was employed at this specific company for 2 years. We believe my husband's salary alone should be sufficient to get a mortgage, that's why I am more concerned about the board.

unempbuyer, you must have some specific story in mind for why the board would question collecting unemployment. What are the associations that you think they'd make?

Is your fear inspired by today's NYT article about the use of credit checks in the hiring process (a similar leap of lack of faith)?

i don't understand the logic of getting unemployment insurance being worse than having no checks at all coming and being a wife out of the labor force (1 income only versus eventually 2). why anyway would you want to have high fixed costs (associated with buying) and no mobility in an scenario of low job stability? just fed up with renting?

Why didn't you say you were female. R u hot? If so no problem passing our board. We always assume a young 'financial' couple will want babies and discount the female earnings when do our financial analysis. Good luck on the pregnancy.

i think i'm gonna buy a rolls royce because i'm fed up with driving a bmw!

alanhart - no, nothing to do with the NYT article, haven't even seen it. simply not sure how boards look at things, and don't want it to look as if I am dependent on it and can't survive without it. my thoughts were just as admin's - it is simply mine to collect.

admin - fair point. Our hopes is that I will find something else quickly and perhaps by the time we close on a place (which takes a couple of months finding + closing anyway), I will be back on the job. If we see that time goes by and it could take longer for me to find something, then you're right - we'll push the buying process, hoping we don't miss the low prices period

w67 - yes, I'm hot. glad to hear your board is so flexible. now I am certain I have nothing to worry about. oh, young and not pregnant but thanks for the warm wishes anyway.

columbia - personally I would go with Mercedes.

Ohhhhhh! spicy.... how hot? Oh, welcome aboard SE... its a hoot. (coulda said hooters, but too low lying)....

1st off, you ain't missing any "price" increases in the next 4 years... that's a w67thstreet guarantee. 2ndly, do rent/buy analysis. 3rdly, the last time I checked, my wife wanted nothing to do w/ babies, until her best frenemy had one... than it was off to the bed w/ me (I felt so used), 4thly, me thinkz financial sector is just a more serious version of the musical chairs (I went into it the recession of 91' (no fun) - so who knows where anyone lands this go around and 4thly, Mercedes has lost its ways.....

unempbuyer- if your better half's income alone meets all the typical coop criteria (debt-to-income, 2-year liquidity). Then you shouldn't worry at all.

However, if you need to factor in your income to pass... I just don't think it's a good time to for you to buy. What's the rush?

yep...mercedes is just an overpriced lexus.

w67 -
"Ohhhhhh! spicy.... how hot?" Very.

"1st off, you ain't missing any "price" increases in the next 4 years... that's a w67thstreet guarantee. " not sure i agree but don't want to start this war again, have enough threads about that around here.

"2ndly, do rent/buy analysis." agree in general, but there is more to that than just numbers

"3rdly, the last time I checked, my wife wanted nothing to do w/ babies, until her best frenemy had one... than it was off to the bed w/ me (I felt so used)"

1) It's a good thing I don't have such friends then. 2) I feel sorry for your pain. must have been difficult.

"4thly, me thinkz financial sector is just a more serious version of the musical chairs (I went into it the recession of 91' (no fun) - so who knows where anyone lands this go around and 4thly, Mercedes has lost its ways..... "
then I'll let my husband know. maybe we'll go with lexus then. don't want to overpay, (right columbia?)

tbontb -
no rush, just again, don't want to miss the "buyer's market"

and since we are already on the topic - any good recommendations for a recruiter or websites for finance related job search? have a list, but always welcome more.
wish me luck...

newbie here, but going through the board process.... I think your bigger worry is getting financing from a bank for your mortgage. The board is much easier to deal with. The banks are brutal these days. signed, a fellow finance employee.

columbiacounty
about 5 years ago
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i think i'm gonna buy a rolls royce because i'm fed up with driving a bmw!