Can i take a loan out to pay for a down payment on a co-op?

(0) | asked by: Deja Vann | share | 2 weeks ago | Report
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answer by Svitlana Boychuk    |   Visit My Website   |   Contact Me
You can take out a loan to use for a down payment as long as you still have enough available credit to cover the mortgage.
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answer by Alan Hedrick    |   Visit My Website   |   Contact Me
Most Co-ops in NYC will not allow for the loan to cover the down payment. You have to have the down payment to go in to contract as a contract deposit. In Manhattan, it is usually 20% and in Brooklyn and Queens, it can vary between 10%-20%. Most Co-op would like to see a debt to income ratio to exceed no more than 32% some are stricter at 28%. If you have any more questions feel free to reach out.
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answer by Claudia Lagalla    |   Contact Me
In most cases you can borrow money for a down payment as long as your income to debt ratio is still sufficient to be approved for a mortgage.
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