Home Buying in Des Plaines>Question Details

Diana, Home Buyer in Des Plaines, IL

How much is a down payment for a condo in this area?

Asked by Diana, Des Plaines, IL Thu Sep 9, 2010

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Hi Diana,

Sounds great that you are considering a condo purchase! You can find out about FHA eligibility on the HUD website, https://entp.hud.gov/idapp/html/condlook.cfm. As the previous person wrote, FHA requires little downpayment where conventional financing requires 5% or even 10% down.

Just a tip: remember to get budgets, rules and regulations on the complex and read the rules. Get the name of the management company and ask them any further questions you might have about the complex and rules they impose.
0 votes Thank Flag Link Tue Oct 26, 2010
Hi Diana, minimum down payment will depend whether or not the property is FHA eligibile in which case your minimum down payment would be 3 1/2%. If not FHA eligible you would need to pursue conventional financing in which case the minimum down payment would be tied to your credit score, debt to income ratios, etc. I work locally here in Chicago and would be happy to answer any questions you may have. Thanks,
0 votes Thank Flag Link Thu Sep 9, 2010
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