I want to buy coop that is becoming available in 4 months. I don’t have the money to purchase because my sister is looking for a job and I have to help her with her living expenses. Do I have any options? I just got my real estate license but can’t find anyone to hire me part time.
I want to buy coop that is becoming available in 4 months. I don’t have the money to purchase because my sister is looking for a job and I have to help her with her living expenses. Do I have any options? I just got my real estate license but can’t find anyone to hire me part time.
Find a partner, run the numbers (https://www.calculator.net/ren...), and call as many lenders as you can. If you really do want to make it happen then you will not take no for an answer.
Coops require 20% down most of the time (unless it's a sponsor unit) or rarely 10%. The down payment amount is set by the coop board. So even if you find a creative lender who can help you with the loan, the board won't approve you as a purchaser. They'll look at your down payment, DTI, savings, job history etc. The only solution would be owner financing.