COOP REQUIREMENT GUIDELINES:

 

 

• Debt to income ratio not exceeding 25%

 

• Must have liquid assets 48 times of monthly maintenance after closing

 

• Maintenance must be = or less than 25% of monthly income

 

• After closing, buyer should have 50% - 100% of the price of the apartment in liquid assets (most stringent building require 3x the value of the apartment in liquid assets)

 

• In some cases, if buyer do not have the required liquid asset, sometimes board would require applicant to put anywhere from 3 months maintenance to 2 years maintenance on escrow

 

• Good Credit score

 

• Solid job history, 5-7 years of industry tenure