Asked and AnsweredI just graduated law school and have a job with a large law firm. I have a significant salary, but no liquidity or significant assets. Will I be able to buy a co-op?
Maybe. Once you have all the “check the box” pedigree stuff, there are buildings that are more flexible than others about liquidity and asset limitations. Sometimes a maintenance deposit (of several years of payments), a parental guaranty or parental co-purchase, will be sufficient to make the co-op board comfortable. If you can qualify for the mortgage you need, but don’t have the liquidity and net worth to satisfy the typical co-op Board, a condo is probably better bet until you live through a few bonus seasons.