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Income level requirements for board approval

Started by tamaressner
over 18 years ago
Posts: 21
Member since: Apr 2007
Discussion about
For buildings that have specific income level requirements, do I qualify for purchase if I meet these levels only when my annual salary and investment income is combined? Or, must this requirement be met on my annual salary alone? One broker told me that boards view investment income less favorably since it can be liquidated. I'm skeptical!
Response by anonymous
over 18 years ago
Posts: 70
Member since: Mar 2007

what might be the usual income level requirement?

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Response by anonymous
over 18 years ago
Posts: 631
Member since: Sep 2006

It really depends on the board.

Some don't consider wall st bonuses as 'income' because it's variable, even though it can comprise a substantial portion. But some are ok with it, esp if you've been in the business for a while or have significant liquid assets.

As for a 'usual' income level requirement, it depends on the cost of your apt. Boards usually have maximum debt/income ratios, sometimes stricter than banks.

And don't rely on a broker's word unless he/she really knows that building or is on the board.

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