Jenet Levy - (212) 381-4268,
Agent, Greenwich Village, New York, NY
Robert,
Great question. HDFC income guidelines based upon family size are based upon your situation when you purchase. You can get married later, you can have children later, and of course these things change family size, but they are after the fact of purchase. The income caps are only at the point of purchase. So yes, you can purchase when single, then get married and have a joint income that exceeds what it was at the point you were purchasing. It's no different than if you bought single with your current job and later landed a job that paid much more.
Great question. HDFC income guidelines based upon family size are based upon your situation when you purchase. You can get married later, you can have children later, and of course these things change family size, but they are after the fact of purchase. The income caps are only at the point of purchase. So yes, you can purchase when single, then get married and have a joint income that exceeds what it was at the point you were purchasing. It's no different than if you bought single with your current job and later landed a job that paid much more.
Anna Brocco,
Agent, Nassau County, NY
Keep in mind that each HDFC co-op is different, therefore review all related paperwork/rules beforehand; in addition do consider working with an agent of your own, who is familiar with the HDFC buying process, he/she will be your best guide.
Nick Rafello, Senior V.P.,
Broker, New York, NY
You probably can buy that HDFC in your name only. Just don't get married now. It's a double edged sword because if the coop board knows you're getting married they'll probably want to know what your soon to be wife's income is. Also, it depends what the HDFC Coop Bylaws have to say. I suggest you look into a traditional coop where you both can purchase together without restrictions. Also, HDFC buildings tend to have a 10-30% flip tax you have to pay when re-selling. In the end, it is up to you if this is the type of property to invest in.
