Full NYC Co-op Guide | Real Estate Agent Explains Everything About Coops in New York City

[@SargisMosyan]

Book your FREE 30-minute call with me if you are looking to buy, sell or rent in NYC or if you just have questions about NYC Real Estate. calendly.com/sargis_mosyan/30min

[@DanielHuang-m7r]

Great video. Very helpful

[@SargisMosyan]

Thank you.

[@kathylakowitz]

Viewers must be aware that realtors videos about co-ops refer primarily to Manhattan. Co-op prices to purchase in the rest of NYC vary by a lot depending on neighborhood and condition of the apartment and building. In the suburbs, down payments are mostly 10% with some as high as 20%. Prices for co-ops in the suburbs vary by a lot depending on school district and town. This is not a factor in NYC but in the suburbs it is. Finally, viewers need to understand the #1 primary reason for co-op boards to analyze a buyer's finances is to guarantee the buyer will have the ability to pay their monthly maintenance fee in the event of a job loss, health issues, etc. Mortgage lenders only care about the ability to pay the mortgage - not the co-op maintenance fee. My husband and I have lived in our suburban co-op since 2012.

[@SargisMosyan]

Thanks for the insight, but NYC is not just Manhattan. NYC is Manhattan, Brooklyn, Bronx, Queens and Staten Island. My videos are about NYC co-ops, not just Manhattan. It is true that Manhattan co-ops are known for having strict requirements compared to some of the other boroughs, but the general co-op requirements are true across the city. That's why the title of the video says co-ops in NYC, which includes all 5 boroughs and not just Manhattan. I am not sure which exact areas you are calling suburbs and which areas you specialize in, so if you are referring to places in Long Island, Westchester, Rockland, etc. those are outside of my service area, and because I don't know those areas, I don't disagree or agree with your statement about the down payment being 10% mostly, However, I completely disagree that mortgage lenders care about the buyer's ability to pay the mortgage - not the co-op maintenance fee. Viewers must be aware that this is NOT true. I've helped many buyers and I have multiple mortgage brokers and loan officers that I've worked with, and lenders include co-op's monthly maintenance in the DTI calculation when qualifying buyers for a mortgage. Banks want to make sure that the buyers not only pay their mortgage payments but the co-op's monthly maintenance and their homeowners insurance payments as well. So the DTI limit for lenders will have the monthly maintenance included and if the buyer's DTI (including monthly maintenance) is too high for the amount they are trying to borrow, they will not be qualified for a mortgage of that amount.

[@SVS447]

@@SargisMosyan Thank you so much for sharing the information. The DTI calculated is considered on the Gross Income or the Net Income?

[@SargisMosyan]

I am glad the information was helpful. For W-2 employees who receive a steady paycheck, the Debt-to-Income ratio is typically calculated based on gross income-your income before taxes, retirement contributions, or other deductions. This gross figure includes salary, bonuses, and any regular overtime pay that can be documented over time. For contractors, freelancers, and self-employed individuals, it’s a bit different. Since income can vary, certain deductions can be added back to the qualifying income calculation.

[@liliespetals19]

Very comprehensive video. The only thing i would ask next is do you have any plans for a video for the coop interview stage? I am absolutely awful at interviewing and my roommate just did one himself and felt woefully unprepared for it. I know that stage can vary wildly depending on the board but general advice would be great. Something that especially tripped my roommate up was: what can you contribute to this coop? He was also advised by his realtor not to ask questions and we're both a little baffled by it 😅

[@SargisMosyan]

Thanks for watching the video. I am glad it was helpful. At the moment, I don't have a video specifically planned on co-op board interviews, but it's definitely something I can consider creating. You're absolutely right-each co-op handles interviews differently, with their own unique approaches. However, I can categorize co-op interviews into a few major types. Once you understand those categories, you should be able to quickly identify the type of interview you're in within the first few minutes of talking to the board. From there, you'll know how to navigate the interview and get the board approval. There are definitely important dos and don'ts to keep in mind during a co-op board interview. I am not sure when I will make a video about it, but instead of waiting for a video, you are welcome to reach out to me directly and I am happy to talk to you about it. You can either schedule a Zoom call with me using the link in the description of the video or just reach out to me directly via email or phone number. The contact information is in my profile.