Importance of salary vs liquid assets when purchasing an apartment?
I am looking to purchase an apartment for $225k.
I am a cash buyer and before purchase of said apartment, I have $450k in liquid assets.
Due to personal circumstances that I do not wish to discuss, I have been unemployed for a few years now and do not have income.
Many of the apartment buildings that I am looking to purchase an apartment in having monthly HOA fees of $900- $1000 monthly. The apartment building typically has salary requirements.
I also have a family member, let’s call them “Jane” who has over $450k in liquid assets and a salary of $47k, and annual interest of a CD account of approx $11,000.
If need be, in an effort to help me get an apartment, Jane has offered to present her liquid assets, salary, and interest, and sign as a joint “buyer” on the apartment.
I have 2 questions.
Are any apartments in the New York or CT area flexible with liquid assets instead of income.
Do you think with the cash I would present liquid to buy the home, along with Jane’s assets and salary, we could get approved to purchase an apartment?