Guide

REBNY Financial Statement: Complete Guide for NYC Co-op Buyers

The REBNY Financial Statement is the most scrutinized document in your co-op board package. Here's how to fill it out correctly, line by line, so your application sails through.

What Is the REBNY Financial Statement?

The REBNY (Real Estate Board of New York) Financial Statement is a standardized form that provides a snapshot of your financial health. It lists all your assets, liabilities, income, and expenses in a format that co-op boards are used to reviewing.

Nearly every co-op in New York City requires this form as part of the board package. It's the financial backbone of your application — the document that tells the board whether you can comfortably afford the apartment and meet your monthly obligations.

Who needs to fill this out?

Every applicant on the purchase contract. If you're buying with a spouse or partner, you'll typically each fill out your own statement or submit a joint statement that covers both of you.

How to Fill It Out: Step-by-Step

1. Personal Information

Fill in your full legal name, current address, Social Security number, and date of birth. If you're purchasing with a spouse or co-applicant, both names go here.

Tip: Use the exact name that appears on your tax returns and bank accounts. Inconsistencies between documents are a common board red flag.

2. Assets — Cash & Investments

List all liquid assets: checking accounts, savings accounts, money market funds, stocks, bonds, mutual funds, and retirement accounts (401k, IRA). Include the institution name and current balance for each.

Tip: Your balances should roughly match your most recent bank and brokerage statements. Boards cross-reference these numbers, so don't round up.

3. Assets — Real Estate & Other

List any real estate you own (including the apartment you're purchasing), vehicles, business interests, and other significant assets like art or jewelry. Include estimated market value and any mortgage balance.

Tip: If you own other property, be prepared to explain whether you'll keep it or sell it. Boards prefer buyers whose primary residence will be the co-op.

4. Liabilities

List all debts: mortgage balances, student loans, car loans, credit card balances, personal loans, and any other obligations. Include the creditor name, original amount, current balance, and monthly payment.

Tip: Include everything. If the board finds a liability on your credit report that isn't on your REBNY statement, it looks like you're hiding something.

5. Income

List all sources of annual income: salary, bonuses, freelance income, rental income, investment income, alimony, and any other recurring income. Use gross (pre-tax) figures.

Tip: Your stated income should match your tax returns and pay stubs. If your income varies (bonuses, freelance), use a conservative estimate and explain in a note.

6. Expenses

List your projected monthly expenses after the purchase: proposed maintenance, mortgage payment, insurance, utilities, and other recurring obligations. This shows the board your post-purchase cash flow.

Tip: Don't forget to include the co-op's monthly maintenance in your expenses. Boards want to see that you can comfortably cover all costs.

7. Net Worth Calculation

Total assets minus total liabilities equals your net worth. Most co-ops want to see a net worth that is at least 2-3 times the purchase price, though requirements vary by building.

Tip: If your net worth is lower than you'd like, make sure your liquid assets and debt-to-income ratio are strong. Many boards prioritize liquidity over total net worth.

8. Signature & Date

Sign, date, and have your co-applicant sign if applicable. The statement must be current — most boards require it to be dated within 30-60 days of submission.

Tip: Some buildings require the statement to be notarized. Check your building's specific requirements before submitting.

Common Mistakes to Avoid

Numbers don't match supporting documents

If your REBNY statement says you have $150K in savings but your bank statements show $120K, the board will notice. Always fill out the REBNY statement with your most recent statements in front of you.

Forgetting to include all liabilities

Student loans, car payments, and credit card balances all need to be listed. The board will pull a credit report, and any unlisted debt looks like concealment.

Using net income instead of gross

The income section asks for gross (pre-tax) income. Using your take-home pay makes your income look lower than it is and can hurt your application.

Leaving fields blank

If a field doesn't apply to you, write 'N/A' or '$0.' Blank fields look incomplete, and the board may request resubmission.

Outdated statement

Most boards require the REBNY statement to be dated within 30-60 days of submission. An old statement suggests your financial picture may have changed.

Let AI fill it out for you

Boardpack reads your bank statements, tax returns, and pay stubs, then auto-fills your REBNY Financial Statement with accurate numbers. You review and approve — no manual data entry, no math errors.

Get our REBNY Financial Statement cheat sheet + board package tips