Once you've found the Manhattan home you want to own, it's time to prepare for applications and board meetings. Here's a handy list of stuff you'll need to break out (at one point or another)...
What to Have:
- 401K or retirement fund statements, most recent
- Asset portfolio statements, most recent
- Bank statements, most recent (checking & savings)
- Credit history
- Federal tax returns, last three years
- List of other liquid or non-liquid assets
- Personal and business reference letters (original copies)
- Pre-approval letter (from your bank or mortgage broker)
And one of the following...
- Letter from employer, verifying your start date and annual salary including bonus
OR, if you're self-employed...
- Letter from your CPA or attorney verifying your salary and net worth
Prospective homebuyers in a co-op should be aware that co-op boards don't want an investor who is going to sub-lease apartments to another tenant. Co-op boards are more likely to approve applicants buying homes for personal purposes. In addition to the above checklist, a co-op board will require W-2 forms, K-1 forms, 1099s, financial statements (prepared by an accountant), evidence of all assets and copies of investment statements. For applicants with rental properties, the board will want copies of leases and a market analysis for this property. In addition, applicants will need several letters of recommendation, and most co-op boards conduct formal interviews with applicants. Specific requirements differ with each building.
For prospective homebuyers in a condominium, the process is much simpler and less stressful. The above checklist should be used as a guide for what is needed for the application process. Most of the time, board approval in condos is not required, and boards cannot stop owners from subletting apartments. Luckily for you, most of the new construction buildings are condos.
Remember to contact us with questions and concerns.