Buying a NYC condo means owning your unit and shared spaces, while a co-op involves buying shares in the building. Mortgage approval requires both lender and building consent. Condos usually need 20% down; co-ops require board approval and more documentation. Co-op closing costs are lower (2-5%) than condos. Good credit (around 700) helps, but large down payments can offset lower scores. Preapproval and working with brokers and agents are recommended.