1st time buyer in NYC. What do I need to have on hand when I meet with a loan officer?

A non-starter for many co-ops. Make sure the co-op in question allows these types of transactions. Your broker should be aware of which co-ops allow this and which don't. If he doesn't know find a different broker. Or look at condos.

"What do I need with me when I walk into the loan officer's office? My 3 credit bureaus, my FICO score, bank and brokerage statements, I assume, but is there anything else?"

Yes, I suggest bringing a gilded copy of (bible, torah, quran, whichever is applicable to you!), as well as a rabbits foot, and a 4 leaf clover. If you happen to have a Lepprechan AND his pot of gold that wont hurt either.

Don't forget your heart and soul and pact with the devil!

tax returns also

hey---here's an idea.

why don't you call before you go in and ask for an application and what documents will be necessary to bring.

"my parent's estate will be taking an equity stake"

I just threw up in my mouth.

Dude just talk to your broker its not that big of a deal. Trust me they are estatic to have someone buying right now - they have lots of free time to hold your hand.

Hi Kenny, come to my open house Sunday 1-2 at 731 Greenwich -- it's a cute (small) one-bedroom with a fireplace -- more info at www.731greenwich.com !

In general, when time comes to bid on a co-op, you will fill out a REBNY financial disclosure form that lists your assets and liabilities. In the meantime, you can basically get preapproved with a lot less than you have -- they will be looking for FICO score, which you have, bank and brokerage statements, which you have, and evidence of salary. Since you didn't mention this last, my guess is you might be a student.

Whether co-ops will allow your parents' estate help varies building by building, but some will. For others, my assumption that you're not making a current income might be a problem. You can basically ask each listing broker what will work.

The other (sometimes hidden) obstacle to look out for is that not every bank will lend on every building -- but again, this is a "cross that bridge when you come to it" type of problem. For example, a mortgage broker might tell you that Chase won't lend on building XX, but if you go to Chase directly, sometimes you'll be able to get the loan straight through them.

Good luck and I hope to see you Sunday!

ali r.
{downtown broker}

Here are the documents that a typical 1st time buyer will need to process a loan for a mortgage:
1. Last years W-2s and 2 most recent paystubs (tax returns, if youre self employed)
2. Last 2 months of you asset statements (all pages)
3. Copy of your purchase contract (if available)

Credit will be pulled directly by the lender and the scores or report you bring cant not be used.

sunny_hong@countrywide.com

Kenny: Take a deep breath and step away. I have worked in the West Village for 17 years and raised a family there. My advice; wait 6 months and then reassess the decision to buy. In the meantime if you would like to rent there are some amazing deals out there.

Feel free to contact me with any questions I love the neighborhood and know it well.
www.theburkhardtgroup.com

Kenny,

I'm a broker in Manhattan who works largely with first-time buyers. Addressing your issues, coop purchase is not excluded for you, but it sounds like you will be purchasing "in-trust," which means many coops will not work for you, and of those that will, you can expect perhaps an additional month devoted to coop attorney processing trust-related docs for your purchase, and additional costs passed on to you at clsg. I've handled this type of purchase via a coop, and would be happy to work with you to eliminate in advance, those coops that would not work for you. As far as docs needed when approaching mortgage brokers/bankers, it will differ depending on your employment, credit rating, etc. My advice to all buyers in this economy is to call several mortgage bankers/brokers and see what each can do for you. If you have little to no debt, excellent credit, income and savings, you should qualify for best interest rates available. I can give you a list of customer-recommended mortgage brokers/bankers. In short, condos or condops would work best for in-trust purchase, but coops are not totally excluded from this type of purchase. Expect time from accepted offer to closing to be longer than usual to allow for processing of in-trust docs, and some additional costs related. Hope this helps. T.R. Robertson, Associate Broker, Bellmarc, trobertson@bellmarc.com

Wow look at all the broker trolls - desperate for business guys?

the guy asked for help. why the snark.