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Put your numbers next to the two things many NYC co-op boards read first: your debt-to-income ratio and the reserve you hold after closing.
Example rate, edit it to match your commitment letter. Term: 30 years, principal and interest.
Car, student loan, minimum card payments
What is left in the bank once the down payment and closing costs are paid
Every building sets its own rules. This is a general reference, not any building's policy. The managing agent is the only reliable source for a specific co-op.
The standard NYC co-op package. Your building may ask for more.
| Document | What It Proves |
|---|---|
| Building application forms | The building's own packet, completed exactly as issued, including the applicant data sheet |
| Fully executed contract of sale | That there is a real deal at a real price, signed by both sides |
| Purchaser cover letter | Who you are, what you do, and why this apartment, in one page |
| Loan commitment letter (or proof of funds) | That the financing is approved, not merely pre-qualified. All-cash buyers substitute statements covering the full purchase price |
| Two years of federal tax returns | Income history and stability, signed, with all schedules attached |
| W-2s or 1099s for the same two years | That the reported income ties back to a third-party document |
| Recent pay stubs and an employment verification letter | Current salary, title, and start date, on employer letterhead |
| Bank, brokerage, and retirement statements | The cash for the down payment and the reserve left after closing. Every page of every statement, not the summary screen |
| REBNY Financial Statement | Assets, liabilities, and net worth on the standard form the board reads first |
| Personal reference letters | That people who know you outside of work vouch for you. Boards commonly ask for two or three |
| Professional or business reference letter | The employment or business relationship, from someone senior to you |
| Landlord reference letter | A payment history. Current owners substitute a managing agent letter showing maintenance paid on time |
| Credit report authorization and fee checks | Consent to pull credit, plus the application, processing, and move-in checks the managing agent lists |
| Lender recognition agreement (the Aztech form) | That the co-op corporation, your lender, and you agree on how the shares secure the loan. Financed purchases only |
I represent buyers on co-op purchases across the five boroughs and review the full package before it reaches the managing agent. Free same-day call.
Informational only. Not legal, financial, or tax advice, and not a prediction of any board decision.
A co-op board reads two numbers before it reads anything else about you: what the apartment costs you every month against what you earn, and what is left in your accounts the day after closing. I have been licensed since November 2001, and across the 1,100+ NYC transactions tracked at miltoncoste.com/listings the packages that stall are almost never the ones with weak numbers. They are the ones where a statement page is missing or a reference letter never arrived. This tool prices the two ratios so you know where you stand before the managing agent does.
The convention many NYC co-op boards use is total monthly housing cost, meaning your mortgage payment plus maintenance, plus your other recurring debt payments, measured against gross monthly income. The band you will hear quoted most often is 25% to 30%. Some buildings hold a tighter line, some are comfortable higher, and a few publish no number at all and simply decide. Treat 25% to 30% as the conversation most boards are having, never as a rule you can rely on.
Two details change the answer more than buyers expect. Maintenance counts in full, which is why a lower price with a high maintenance charge can read worse than a higher price in a leaner building. And bonus or commission income is often averaged over two years rather than counted at last year's figure, so the income you type here should be the income your tax returns support.
Post-closing liquidity is the reserve you still hold once the down payment and the closing costs are gone. The expectation quoted most often is one to two years of mortgage plus maintenance. This tool reports it in months so you can see the distance to that band directly.
What counts as liquid varies. Checking, savings, and taxable brokerage balances are the cleanest. Retirement accounts are sometimes counted at a discount and sometimes not counted at all. Gift money usually needs a gift letter and a seasoning period in your own account before a board treats it as yours. Ask the managing agent which of these the building counts before you write the offer, not after the package is due.
What a board may never do is decline you because of race, color, religion, sex, national origin, familial status, disability, sexual orientation, gender identity, military status, marital status, age, or lawful source of income. If you believe a decision crossed that line, the NYS Division of Human Rights (844-862-8703), the NYC Commission on Human Rights, and HUD all take complaints.
The checklist above is the standard set. For what each document has to show, the errors that send a package back, and how the timeline runs from accepted offer to closing, read NYC Co-op Board Package, Document by Document. For the meeting at the end of that process, read how to prepare for the board interview. New to co-ops altogether? Start with how to buy a co-op in NYC, then browse active co-ops for sale and the co-op buying FAQ. Selling rather than buying? The NYC co-op flip tax calculator prices the building fee that comes out of your proceeds.
Numbers close to the line? Let me read the building first.
Before you write an offer, I pull what the managing agent will actually ask for and tell you whether your file fits that building. Free same-day call.
Schedule a Free ConsultationMany NYC co-op boards look for total monthly housing costs plus other debt payments near 25% to 30% of gross monthly income. That band is a widely used convention, not a law and not a universal rule. Each co-op corporation sets its own standard, some accept more, some accept less, and the managing agent is the only reliable source for a specific building.
A commonly cited expectation is one to two years of mortgage payments plus maintenance still in the bank the day after closing. Boards count what they can verify on a statement, so retirement accounts and gift money are treated differently building by building. Ask the managing agent what the building counts before you write an offer.
A typical package includes the building application forms, the executed contract, a purchaser cover letter, the loan commitment or proof of funds, two years of tax returns with W-2s, pay stubs, bank and brokerage statements, the REBNY financial statement, personal and professional reference letters, a landlord reference, and the credit authorization with the fee checks.
Yes. A co-op board can decline for reasons of its own and generally does not have to explain the decision. What a board may never do is decline based on a protected characteristic under federal, New York State, and New York City fair housing law. Clean ratios improve your odds and guarantee nothing.
Milton Coste · Licensed Real Estate Associate Broker · NY License #10301213304 · Keller Williams NYC · 360 Madison Avenue, 9th Floor, New York, NY 10017 · (917) 416-7433
This tool is for informational purposes only and does not constitute legal, financial, or tax advice, and it does not predict any board decision. Financial standards are set individually by each co-op corporation and vary by building. Consult a licensed real estate professional, your lender, and a real estate attorney before making any decision. Fair Housing Pledge: All buyers and sellers are served without regard to race, color, religion, sex, national origin, familial status, disability, or any other protected characteristic.