Purchase Requirements

Recurring income must be minimum four (4) times annual maintenance and mortgage expenses.
Recurring income must be minimum 2.75 times all annual obligations (total maintenance + mortgage + living expenses + debt).
Total debt, including real estate debt, must be equal to or less than three times (3x) recurring gross income.
A minimum of six (6) months cooperative maintenance costs in savings account.
20% down payment at contract signing.
80% financing allowable.
Minimum Equifax FICO 5.0 Credit score of 700 or above, required for each applicant.
Third (3^rd) Party Guarantors are not permissible.

Article II of Chapter 700 of the Laws of Westchester County, known as the Westchester County Fair Housing Law, prohibits discrimination in housing accommodations on the basis of a person or persons actual or perceived race, color, religion, age, national origin, alienage or citizenship status, ethnicity, familial statues, creed, gender, sexual orientation, marital status, disability, source of income, or status as a victim of domestic violence, sexual abuse or stalking.

Section 700.21-a of the Westchester County Fair Housing Law governs applications to purchase shares of stock in cooperative housing corporations, and applies to this application. Under this section, the cooperative housing corporation is required to comply with the following deadlines:

• Within fifteen days of the receipt of this application, the cooperative housing corporation must either acknowledge that it has received a complete application, or shall notify you of any defect in the application.
• If you are notified of any defect in the application, within fifteen days of the receipt of the corrected application the cooperative housing corporation must either acknowledge that is has received a complete application, or shall notify you of any defect in the application.
• Within sixty days of receipt of a complete application, the cooperative housing corporation must approve or deny your application, and provide written notice thereof.
• If your application is denied, the cooperative housing corporation is required to provide notice to the Westchester County Human Rights Commission, including your contact information.