I am an a first-time buyer looking for an inexpensive (100K - 140K) studio/1 bed co-op in Queens. I currently have enough to cover a 20-25% downpayment, 5K closing, and maybe 8 months of maintenance payments. I've read a lot about the extremely strict financial requirements Manhattan co-ops. Could someone with experience buying or selling in Queens could tell me what type of financials a Queens... [more]
I am an a first-time buyer looking for an inexpensive (100K - 140K) studio/1 bed co-op in Queens. I currently have enough to cover a 20-25% downpayment, 5K closing, and maybe 8 months of maintenance payments.
I've read a lot about the extremely strict financial requirements Manhattan co-ops. Could someone with experience buying or selling in Queens could tell me what type of financials a Queens co-op might require? I've heard they a much easier than Manhattan board standards, but what is the normal range required for a basic building in Queens?
Six months of maintenance in the bank? One year of maintenance and mortgage payments in savings? A percentage of the total cost of the apartment in liquid assets? Is it standard practice for Queens co-ops to require you hold maintenance payments in escrow? I'd appreciate feedback from those in the know. Thanks!
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