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Hello. I have enough to purchasing an HDFC coop apartment without mortgage. The thing is I have been helping sick family for two years and have not had income. Is that and issue that I have no NYS tax return for two years? Many thanks
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This is a great question. It's not an issue in terms of meeting HDFC income limits if you have zero income, though the HDFC co-op will likely need some other official document to verify your total lack of income if you didn't file tax returns.
However, keep in mind that HDFC co-ops are still co-ops, which means the board has to approve you. Therefore, if you have no income, how will you be paying your maintenance payments? Co-op boards, regardless of whether the co-op is a HDFC building, have a fiduciary duty to their shareholders to approve financially qualified buyers who will be able to pay their monthly maintenance and any special assessments.
Will you be financing the apartment purchase or paying all cash? Will you have substantial liquid assets post closing?
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