Hi: Thanks for asking this great question. Usually co-ops have a minimum down payment requirement, like 10% or 20%. It depends on the building. For home or condo purchases, it will depend on your loan. FHA loans can be used to purchase a home for as little as 3% down. Land loans (if you can find one) will require a much higher downpayment. Also investment property will require a higher downpayment (25%-33% at a minimum). Best is to speak also with a good mortgage consultant about your specific needs. Or feel free to call me anytime with your RE needs. I look forward to speaking with you. Have a great day. Sincerely,
Michael F. Levy, Principal Broker
Grand Lux Realty, Inc.
The buyerâ€™s agent or the buyer needs to do some due diligence that I agree. However, the listing agent is just as responsible in providing accurate information. The listing agent has a responsibility to locate the correct information prior to listing the property. It will show some carelessness if the listing said to verify everything.... more