Home Buying in Bethlehem>Question Details

gloriasantia…, Home Buyer in Bethlehem, PA

First time buyer, age 52 no kids, retired, yearly income $25,000. What's lowest amount of down payment can I put on a 1 bedroom $40,000 coop?

Asked by gloriasantiago59, Bethlehem, PA Fri Sep 23, 2011

the price is around 40,000?

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4
FHA loan - 3.5% = $1,400 - but you may have trouble obtaining a mortgage anywhere when the price is so low.
0 votes Thank Flag Link Mon Dec 12, 2011
The coop's rules and regulations will tell you the minimum you will need to put down. Either have your realtor call or you can call the managing agent to find out. Also check out what the Board's requirement on DTI is.
0 votes Thank Flag Link Fri Sep 23, 2011
If looking to purchase a co-op, keep in mind that boards do have their own financial requirements that must be met, as well as down payment rules, and each facility is different; therefore consider working with an agent of your own, he/she will be your best guide....
0 votes Thank Flag Link Fri Sep 23, 2011
Co-ops have their own rules as to the minimum downpayment allowed when getting a loan. Check with them.
0 votes Thank Flag Link Fri Sep 23, 2011
Alan May, Real Estate Pro in Evanston, IL
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