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Non-purchasing Occupant Affect on Co-op App

Started by ManyHatsWorn
over 9 years ago
Posts: 0
Member since: Jun 2016
Discussion about
My partner is applying to purchase a co-op in Queens. Her financials and credit (700+) are excellent, she has agreed to put 50% down and her retirement portfolio (if cashed in) could pay for the apartment 2 times over. I will be living there as a non-purchaser occupant. I will not be a co-op member or have any direct financial stake. I also happen to have miserable credit (<600). How much should I expect my credit report to effect her chances of being accepted?
Response by uptown_joe
over 9 years ago
Posts: 293
Member since: Dec 2011

I suspect it will depend a bit on how tightly your finances are connected to your partner's. Will you contribute to the monthly costs and upkeep of the apartment? Does your income play a part in showing that they can be covered easily? Does your partner contribute to your living costs (beyond sharing the apartment), or pay your outstanding debts if any?

You don't have to answer all that here, but those are the sorts of issues that might come into play -- trying to show that she's a separate financial entity, that your financial record is less material, and that the board should focus on the idea that you're a nice person, considerate of neighbors, good to live with, etc.

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