Condos in general only require 10% down. However, most lenders will not lend more than 80%. As far as 5% down, a condo that is on the FHA-approved list would fit that bill. Those would be in rather new developments, as it is only on newer ones that had a back-up of inventory during the downtown where the sponsor would have gone through the time and expense of getting approval for FHA financing by buyers.
Halstead Property, LLC
The reaility is this, obviously you are trying to do this on a shoestring. I don't know what your work or credit history is. I don't know what type of assets you have or your income or if you're getting a cash gift from someone for your downpayment. You wll need to consider closing costs and some amount of post closing liquidity. I strongly advise you work with an experienced real estate professional. Good luck.
Condos may allow 10% down but will the banks LEND you 90%? This is very important to find out before you begin your search. If you're looking for a building that will take 5% or less, you need to search out that allow FHA loans.
Nick Rafello, SVP
The Cororan Group
Check with your lender about a FHA home loan. These allow first time home buyers buy a home with less than 3.5% down (and most of your closing costs and fees can be included in the loan).
Simon Campbell - http://www.bankforeclosuressale.com