A co-op is an apartment in New York City where residents own shares in the corporation that owns the building. You are not buying the apartment unit itself but are a shareholder that is entitled to live in the apartment unit.

In a co-op you are buying shared in a corporation that owns the building. In a condo, you are buying the actual apartment unit.

Each co-op entity has their own financial requirements. But, there are a few common financial elements that almost all co-ops follow:

1. Debt-to-Income Requirements: This is the percentage of total debt vs. total income. Most co-op entities require a debt ratio between 25% and 30%.

2. Post Closing Reserves: This represents what the buyers have in liquid assets after the down payment and closing costs are paid. This can include, checking and savings accounts, stocks, bonds, mutual funds, etc. The requirements can vary drastically from one co-op entity to another. The more lenient co-ops tend to want to see one to two years of monthly maintenance payments. The more conservative boards can sometimes require two to three times the purchase price in post closing reserves.

It's important to also note that the requirements of any mortgage lender can be very different from the co-op. Each one as important as the other.

NYC condos are generally expensive, with prices varying based on location, size, amenities, and other factors. Assess your budget, evaluate mortgage options, and factor in additional costs like property taxes, maintenance fees, and insurance.

Determine whether buying a condo aligns with your long-term goals. Consider factors like investment potential, potential appreciation in value, and your plans for residency. If you plan to stay in the condo for a shorter duration, ensure you assess the resale potential.

Yes, it is possible to do a cash-out refinance on a co-op (cooperative) property, but it may have some limitations compared to a conventional home or condominium. In a cash-out refinance, you would be refinancing your existing mortgage and borrowing additional funds against the equity you have built up in the co-op property. The specific requirements and terms for a cash-out refinance on a co-op can vary depending on the lender, the co-op building, and the governing rules and regulations. Not all lenders offer cash-out refinances on co-op units.

Yes we do! We offer an exclusive benefit program to first responders. Its perks include no lender, processing, underwriting, application, credit report, or flood certification related fees, as well as the ability to cancel an outstanding covered loan balance up to a combined $525,000 in the event of loss of life. This complimentary benefit is our way of saying thank you to all those currently serving in law enforcement, fire and rescue and EMS, whether a federal, state, county, or municipal agency employee. This program may change so please always call for the most recent information.

Your trust means everything. I prioritize your best interests because I believe in building lasting relationships, not just closing deals. As your advisor, my commitment is to guide you toward the best financial decisions. Your satisfaction is my success.

Mortgage refinancing is a game-changer, and here's why: it can lower your interest rates, reduce monthly payments, and even unlock cash for other needs. As your dedicated loan officer, I guide you through the process, ensuring you maximize the benefits. Ready to explore how refinancing can transform your financial landscape? Reach out, and let's get started!

My expertise in co-op financing is your key to securing the best rates and close that loan in a timely and efficient fashion. Whether you're navigating co-op mortgages or considering mortgage refinancing, I've got you covered. As a trusted advisor, I ensure your financial goals align with the perfect co-op mortgage solution.