411 Park Place #3H,
Fort Lee, NJ 07024
- Updated Studio Co-op
- Asking Price $79,900
- Monthly HOA $289
(including real estate taxes, heat/hot water, master insurance;)
- You pay $7.50/month for 1st come 1st serve parking sticker;
- You pay electric and cooking gas.
|must have 20% down payment||$16,000|
|your monthly mortgage@ 4% for 30yrs||$306|
|monthly maintenance fee||$289|
|Total (mortgage + HOA)||$600|
Why rent if you can own for about $600/month?
For 3:1 Ratio: 3x12x600 = $22,000
Without any other debts such as other house mortgage, car loan, student loan, credit card debt, you need to make approximate $22,000/year salary to be qualified by co-op board.
Without mortgage paying all cash, you only need to make approximate $289x12x3=$11,000/year to be qualified by co-op board, of course, without ANY other debts.
Linwood Park CO-OP in general:
- 34.5 acres
- 26 five-story all brick buildings
- 1170 Studio, 1 & 2 bedroom apartments
- Laundry rooms in buildings
- Shareholder parking / garages
- Next to Linwood Plaza shopping center
- NJ Transit #159 to NYC, less than 2 minutes walking distance.
- Or walking distance to GWB bus station, then A train at 175 St.
- 20% down payment, 3:1 ratio
- Heat, Hot Water includes
- "first come, first service" Parking at $7.50/month per sticker
- No dog allows, cats Okay
- Not for Investors, sorry.
Is co-op suitable for you? Do you have patience? You MUST provide the following documents for admission:
- W-2 or 1099 if self-employed:
- Copies of last two years Income Tax Returns with W-2 or 1099
- Copy of Loan Commitment if financing
- Fully executed contract of sale
- Letter signed by employer certifying employment and salary
- Current and last three pay stubs
- Bank verification letter
- Request of investigation for credit check authorization
- nonrefundable $350 processing fee payable to "1170 Apartment Corp" -
- Move in deposit by certified check or bank check of $500, refundable, if no damage during moving
- Interview by Co-op board
- Approve or reject by Co-op board