Noirdove,

You might be entitled to some money back at closing if you somehow persuade the sellers to do so, but I highly doubt it will be 10%. Typically you get that money back when you sell the property that you are buying, unless like many you sell in a negative equity position.

Good Luck!

Both answers are correct, you don’t get anything back regarding a down payment. Please remember if you're buying a co-op there's usually a 25% debt to income ratio, which means that only 25% of your income can go towards maintenance & mortgage. If you're monthly payments exceed your income you'll have to put more $$ down. There are buildings that allow up to 30% debt to income ratio which is the limit. Lastly most co-ops want to see that you have at least two yeas of liquid assets which is two years of maintenance & mortgage in an account that you can liquidate with a short period of time. It pays to work with a broker, good luck I'm here if you need me.

noirdove
1.10% down is required when u sign the contract
2. bank will probably require more then 10 % down if you are financing
3 balance paid at closing, 10% deposit is not returned,
good luck carol freidman nestseekers

You puit 10% down and make up the difference at closing. I hope you close on your sale prior to the close on your purchase otherwise you'll have to dig deeper into your savings.