What exactly is a co-op board package?+
It is a complete financial and personal application submitted to the co-op board separately from your mortgage: tax returns, bank and brokerage statements, a financial statement, employment verification, personal and professional reference letters, and usually an in-person interview. The board applies its own standards, which are typically stricter than the lender's, and its decision is final and generally unexplained.
How much down payment do Jackson Heights boards require?+
Commonly 20%, though some buildings allow less and a few require more. Lenders will often finance a co-op at 10% down, but the building's minimum controls. Boards also frequently want post-closing liquidity equal to one to two years of mortgage and maintenance payments, which for many buyers is the harder requirement.
What is a flip tax?+
A transfer fee the co-op charges when a unit is sold, structured as a percentage of the sale price, a percentage of profit, or a per-share amount. It funds building reserves. Who pays it is negotiable between buyer and seller, but it needs to be in your cash planning early because it is not part of the mortgage.
What are land-lease and HDFC co-ops?+
A land-lease co-op owns the building but not the land beneath it, which creates rent escalation risk and sharply limits financing options as the lease shortens. An HDFC co-op is income-restricted affordable housing with purchaser income caps and resale restrictions. Both are legitimate but require specific financing and clear eyes about resale, so the building type gets identified before an offer.
Does the historic district affect my purchase?+
Mainly for renovations and building maintenance. Landmark status restricts exterior changes including windows and facades, and mandated facade work under Local Law 11 can trigger assessments. It also underpins the neighborhood's stability and values, which cuts the other way.
Can a co-op purchase fall apart after mortgage approval?+
Yes - through the board. That is why the board package is prepared alongside the loan rather than afterward, and why it is worth knowing a building's standards before writing the offer instead of discovering them in the interview.
Are you actually available on nights and weekends?+
It's the single most common thing clients mention. Offers in Queens don't wait for business hours, so Brian doesn't either - call or text and you'll hear back quickly, even after hours.
