Unlike buying a single-family home or even a condo, buying a co-op requires an added layer of approval, the Co-op Board. While having a pre-approval is a must, you need to consider a few other factors as well.
Co-op Boards want good credit and excellent credit scores. They’ll look at your income, and yes, it must be verifiable. Some Boards may not consider commissions and bonuses. They’ll look at your liabilities including car loans and leases, student loans and other obligations like credit cards. Finally, Boards will look at your savings and assets, so be sure you have something in the bank after closing.
There’s lots more to consider; this is just the beginning. Click the attached link to download our helpful debt-to-income form to help you decide if now is the time to leap into a co-op. As co-op experts we’d love to help you decide if now’s the time to buy, so feel free to contact us at any time. We are here to help you!