Conforming loan limit for a coop

Just Google "Conforming Loan Limit for NYC". Loan limit is the same for all, not sure what you mean. Financing requirement is different for all coops.

I also am not sure what you are asking. However conforming loan limits are changing from the current $729,750 on October 1st to $625,500. Loan has to close on or about September 26 to qualify for the higher limit as there is a 3 day funding period. This is what I was told by wells fargo as I am in the middle of a refi.

We're at $729,750 for the conforming loan limit, but that's getting rolled back soon, so unless you have an accepted offer this weekend you're more likely looking at $625,500.

Each co-op's financial requirements will be different -- at a miminimum, you'll put 20% down, prove that your housing costs are under 30% income, and have a year of housing payments in reserve (that's non-retirement funds) after you close. Some co-ops are tighter, and some are much much tighter.

At this point, though, the hurdle is probably bank lending. A 20% down loan is possible, but tough, and you'll have better luck with 30%.

Good luck!

ali r.
DG Neary Realty