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debt to income ration when buying coop/condo
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femalej
LIF Adolescent
Member since 7/11 833 total posts
Name:
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debt to income ration when buying coop/condo
If you own (or have owned...or even looked into owning) a coop or condo, what is/was the required debt-to-income ratio?
I am trying to get a sense of what is the "norm".
Thanks!
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Posted 7/3/12 3:30 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
nraboni
Uggh...
Member since 10/09 6905 total posts
Name:
Nicole
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Re: debt to income ration when buying coop/condo
I am in the middle of a ReFi and they told me it can't be more than 41%.
HTH!
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| Posted 7/3/12 3:31 PM |
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femalej
LIF Adolescent
Member since 7/11 833 total posts
Name:
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Re: debt to income ration when buying coop/condo
Posted by nraboni
I am in the middle of a ReFi and they told me it can't be more than 41%.
HTH!
thanks. But i was also wondering about the rules from the coop/condo boards, not just the bank/mortgage lender.
thanks!
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| Posted 7/3/12 4:57 PM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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debt to income ration when buying coop/condo
Every coop board is different. My parents board is very strict and I know their debt to income is higher than average.
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| Posted 7/3/12 7:33 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: debt to income ration when buying coop/condo
For a condo, you just need to get approved for the mortgage. In a coop, the coop board must also approve you. So it more of a process to get a coop than a condo.
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| Posted 7/4/12 9:37 AM |
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