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Started by jycnyc
almost 13 years ago
Posts: 28
Member since: Jan 2012
Discussion about
Hi there, To all of you coop board members... We are about to bid on a coop. My wife has been on unpaid maternity leave and plans on not going back to work for 1 year. Her employer has agreed to write a letter of employment stating that her job remains open to her whenever she is ready to return. However, without her income this past year, our DTI goes from about 25% to 40%. We have 2011 tax returns showing the 25%, but 2012 will be closer to 40. How does this scenario typically play out in the eyes of a coop board. I should also mention that we will have more than 2 years maintenance/mortgage in liquid post closing. Thanks.
Response by sma10022
almost 13 years ago
Posts: 72
Member since: May 2010

Some key points we would consider:
1. Things change- that employment letter may mean nothing in one year. How long has she been employed at a similar income in her field?
2. How much more than 2 years m/m? 4 might be enough. Are all funds liquid? 401Ks are not usually considered liquid at your age.
3. DTI will be an issue...can you pay off some?
4. Apartment large enough to raise a child? Two bedroom or convertible?

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Response by matsonjones
almost 13 years ago
Posts: 1183
Member since: Feb 2007

sma10022: jycnyc had accidentally posted this exact same query twice - here it is...

http://streeteasy.com/nyc/talk/discussion/34080-coop-boards-maternity-leave

The streeteasy board had responded on that thread - just fyi....

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Response by gcondo
almost 13 years ago
Posts: 1111
Member since: Feb 2009

just throwing it out there - your wife will not go back to work -

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Response by Pawn_Harvester
almost 13 years ago
Posts: 321
Member since: Jan 2009

uh, yea, 100% agree. My effin wife will not go back to work or lift a finger to get my kids into a magnet or charter school.

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