Mortgage Mess Not Affecting Manhattan

Aug 28, 2007

Are you a bit spooked by what is happening across the country with the mortgage scandals? If you own or are looking to buy an apartment in New York City, you have nothing to worry about. To buy an apartment in Manhattan you either need to put at least 10% (condo) or 20% (coop) down to even sign a contract. More importantly, it is far more difficult to pass a Manhattan coop board than to qualify for a mortgage. There would be no mortgage scandal at all if other cities and states even closely approached the stringent New York City requirements to purchase a home.

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