Hudson Woods Estates
Purchase Requirements as of March 2022
The board of directors of Hudson Woods Estates has established the following requirements for applicants wishing to purchase an apartment in our cooperative:
- 20% or more of the purchase price as a required down payment.
- Financing no more than 80% of the purchase price
- Current credit score of 750 or better
- Debt to income ratio of 35% or lower
- Liquid assets to cover 12 months or more of the current monthly Maintenance fee.
Meeting the financial requirements to purchase an apartment is no guarantee of approval. We require the following documents from the applicant prior to any interview of the applicant by the board:
- Completed application, with a statement of financial condition.
- Photocopy of Legal ID and state issued vehicle registration.
- Three consecutive months of pay stubs per applicant (or adult resident of apartment).
- Bank/Investment Statements.
- Two years of tax returns (forms 1040 and matching W-2/1099)
- Reference letters
- Credit Report & FICO Score
- Contract of sale.
- Loan Commitment letter
- Only ONE parking space is normally assigned per apartment. Specific parking spaces are not included in any transfer of shares and can be reallocated at any time at the discretion of management.
- We still have a moratorium on new apartment sublets. The board will notify shareholders when this moratorium is over.
