What are most important elements for fairly low key co-op board that doesn't have any specific board requirements in terms of cash flow, etc? Some credit card debt ok if have very good credit, have enough liquid assets for over a year of mortgage/mtnce payments and have substantial 401K, etc?

In what area are you trying to buy the co-op?

What's the amount of the credit card debt?

required cash on hand to buy=down pmt + (48*(mtnce + mtge pmt))

48 times your monthlies in cash/liquid securities is usually the minimum liquidity in addition to down-payment required by reasonable boards

Well, actually, it just depends on a lot of things. Including your job and anticipated job security these days.

Also:

http://www.nytimes.com/2007/02/18/realestate/18home.html

As long as your credit is good and your debt to income ratio is less then 30% you should be fine in the easier co-op boards unless your credit card debt is significant. You may want to contact the managing agent for more guidence if the seller/selling broker is not giving you a direct answer. Another suggestion is to fill out a financial sheet and have the seller ask a board member for their thoughts.

Fell free to check out my website for more information.

Wes Stanton
[url=http://www.thestantongroupnyc.com]The Stanton Group[/url]

Very helpful, thanks

Every board is different in what they want. I remember when I first started selling Coops in GV thinking it odd that 111 4th allowed 90% financing, but wouldn't let parents buy for, or even with kids (i.e. everyone on the stock and lease together - not a ban on children in the building). Some buildings allow pied-a-terre's some don't. Some want to see 2 years mortagfe and mtc in liquid assets post closing, some want 3 months.

"I remember when I first started selling Coops in GV thinking it odd that 111 4th allowed 90% financing, but wouldn't let parents buy for, or even with kids (i.e. everyone on the stock and lease together - not a ban on children in the building)."

Why do you think that's odd? We don't allow it either.

It's not the not allowing parents to buy for kids, it's the allowing 90% financing AND.... it's being somewhat inconsistent in being very liberal on some items and conservative on others at the same time.

I don't see the contradiction.

Would just think that, as 30yrs is suggesting, if a coop is being very conservative, not allowing parents buying for children, they would certainly want to be fiscally conservative and require at least 20% down from any purchaser.

Parents buying for children is a completely different issue than requiring only 10% down.