How to get co-op boards to look at your application favorably?

Co-op boards citywide are imposing stricter requirements on applicants from the financial sector and in some cases rejecting Wall Street applicants altogether. In particular, they are no allowing bonus income (or at least all of it) as part of the total income picture.

And lending standards are making it harder for those interested in condos. Reports the NYT, “A banker who qualified for a $3.75 million mortgage a year ago based on a $250,000 salary and a $1 million bonus now qualifies for only a $1.8 million mortgage with the same salary and bonus.”

If you’re in the market, be very prepared. One broker advises:
* Don’t expect to include your bonus income
* Expect a 25 percent down payment
* Collect 1 year of bank statements
* Collect 4-5 years of tax returns