The NYC market requires substantial liquid capital and a high income-to-debt ratio.
High HOA/Common Charges cover building staff and amenities but can increase if the building has a small reserve fund. The 4-Phase Purchase Process buy condo new york
While condos cannot "reject" you like co-ops (they only have a Right of First Refusal), you must still submit a comprehensive financial application. The NYC market requires substantial liquid capital and
Can lead to "Special Assessments"—sudden, large bills for repairs like elevators or facades. Can lead to "Special Assessments"—sudden, large bills for
Lawsuits against the developer or board can make it nearly impossible to secure a mortgage.
Most condos permit 90% financing (10% down), though luxury buildings may require 20%. Select FHA-eligible units may allow as little as 3.5% down.
Your attorney reviews the condo’s offering plan, financial statements (looking for "red flags" like pending litigation or low reserves), and board minutes.