Down payments for coops required

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  • #28645
    dakesh
    Member

    I have been anxiously anticipating meeting with my NACA counselor since making an appointment months ago. I have not had any phone calls or emails returned by him. So I am putting this question out there:

    In New York City, to get a co-op, the co-op boards require a down payment, usually 20%. I don’t know if this is standard across the U.S., but if a co-op requires a 20% down payment, then how can NACA help someone get a coop in New York if they don’t have a down payment? IF one has a 20% down payment, I’m not sure why they need NACA.

    Feedback appreciated!

    #28646
    TTrumble
    Member

    Hello dakesh,

    The situation you describe regrading co-op boards is actually fairly unique to New York, where the boards often get away with what is effectively discrimination with such requirements.

    The solution is to simply petition the board for a waiver, pointing out that your financing source (NACA) doesn’t allow down payments.

    Your counselor will be able to go into more detail when you meet since this again is largely a local phenomenon.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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