Contact Realtor Kaili | Cell: (201) 585-1234 | WeChat ID: Kaili2105

      
       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.
 selling price$79,900
 must have 20% down payment $16,000
 mortgage amount$64,000
 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.

ABCDEFGHJ
H J floorplan

Linwood Park CO-OP in general:

  • 34.5 acres  
  • 26 five-story all brick buildings
  • 1170 Studio, 1 & 2 bedroom apartments
  • Elevators
  • 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