How long can a coop board look at financials?
Started by anonymous
about 10 years ago
Discussion about
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Hi, My wife and I purchasing a coop. We have the income requirements, debt/income ratio requirements for the coop board, but we will only have about 3 months of mortgage+maintenance post-closing, and the board wants to see 24 months. We are being gifted an extra $50k (albeit temporarily) so that we can pass the board process. We will get a gift letter and everything if necessary. My question is, despite a gift letter, we are gifting this money right back to our parents - would the board have any ability to see that once we are moved in? Thanks