Buying A Home
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
My husband and I are buying an apt in Manhattan. We've fallen in love with a place that's perfect and priced within our budget. But of course, there's a catch. They only allow 50% financing... which poses a problem for us. The broker mentioned that a way to get around this would be to use a "negative pledge," which neither myself nor my husband (who works in commerical real estate) had ever heard of. Essentially it's a separate loan (that the coop board does not see) to cover the down payment. Has anyone ever heard of/used this?