Anyone buy/ looking for a co-op?

m_squared

DH and I are in the very early process of looking for a co-op in the city.  We know we'll need at least 20% downpayment plus moving/closing costs and emergency fund.

My question is in general how much extra cash do the co-op boards usually want to see?  I've heard some require as much cash left over as you are putting down.  Is this the norm?

 

Temp663997437501443

DH and I just bought a coop last year.  I am sure it varies from board to board, but I believe that they just want your financial standing to be good enough that you will be able to make your mortgage and maintenance fees each month.  That might mean steady income, savings, and/or other assets. We were never told a specific amount in liquid assets were required other than the 20% DP and various fees.

hocus

Minimum 3 months of mortgage + maintenance in real cash (not a 401k) after you close and have done all renovations mentioned in your application.

m_squared

Thanks ladies!  That sounds a lot more reasonable (and less scary) than I was expecting.  Still have a lot more research to do but getting excited about the idea!