Home Buying in Mamaroneck>Question Details

Tanya, Home Buyer in Mamaroneck, NY

How much do you have to put down on a condo at Top of the Ridge in Mamaroneck NY?

Asked by Tanya, Mamaroneck, NY Thu Mar 25, 2010

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Robin Silverberg’s answer
Tanya, I am not sure what you had in mind for financing here, but there are various things that you can look into. I am not sure what price range you are in, but for the $625,000 price that was mentioned below, you would be in a high-balance conforming loan amount, and I do not think you can get PMI at 90% on a condo in Westchester because it is a declining market, so you might have to go for 85%. If you plan to do 80% financing, I have a credit union where I can piggyback a loan for you so you don't get stuck with the higher rate on a condo above 75LTV. We put a 75% first together with a 5% second.
0 votes Thank Flag Link Fri Mar 26, 2010
Hi Tanya,
Ordinarily a minimum down payment is 3.5%, with a FHA loan, as of next week that goes to 5%. Top of the Ridge is not on the FHA approved list right now, so you will probably need 10% down.

Speak to your bank in terms of a mortgage first, then you can get some recommendations from friends, relatives and agents.

If I can help, let me know.

Kevin O'Shea
914.262.1931
0 votes Thank Flag Link Fri Mar 26, 2010
If you haven't done so yet, visit with any qualified loan officer(s) first, see exactly what your budget can handle and check your credit score--then make a determination as to the amount down--your loan officer will best advise on your loan options.
0 votes Thank Flag Link Thu Mar 25, 2010
Hi Tanya,

Thank you for your inquiry. There's no minimum requrement to purchase a condo. You can speak to your lender about the different loan programs that's suitable for you. If you need recommendations, I would be happy to help.

My office currenly has a beautiful three bedroom, three full baths and one half bath listed at Top of the Ridge for $625,000.

If you're interested, please feel free to contact me on my cell phone directly 914-525-4533.
0 votes Thank Flag Link Thu Mar 25, 2010
Hi Tanya,

Condos don't have minimum down payment requirements like co-ops do. Your best bet is to talk with your lender, who will review your income, debt and credit report, and let you know what kind of loan you can get and what your down payment should be.

Sometimes you can put as little as 3.5% down, if you qualify for an FHA loan & if the condo is approved by FHA.

Otherwise, you may have to put down 10% or 20%.

If you need the name of a reputable lender, please let me know & I'll make some recommendations.
0 votes Thank Flag Link Thu Mar 25, 2010
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