Hi, Judging from the amount and the down payment requirement I think we are talking about a Coop. If so there is no way getting around the minimum down payment requirement, this is set by the Coop Board. On top of that the Coop Board will want to see several thousand dollars in reserve after making that down payment and paying closing costs. The banks are also requiring 20% down for those that have under a 700 credit score because you won't get PMI (Private Mortgage Insurance) if your credit score is under 700 and you're not putting down 20%. Things have gotten alot stricter these days.

Sincerely,

Christopher Pagli
Associate Broker
Legends Realty Group
914.406.9023

My question is.. who told you it was a 20% down requirement? Since the home is under $417,000 (the FHA limit in Missouri) you can get an FHA loan which requires a 3.5% down payment. If you don't have the 20% down you will have to pay mortgage insurance, but at least you can get into the home. If you are a veteran you can get a 100% loan with no PMI. If the house is in the country (or an area considered 'rural') you can get a 100% loan. The lenders are not doing any of the 80% 1st mortgage and 20% second mortgages anymore. You have to have some "skin in the game" now. Closing costs are another expense, but usually you can roll those into the purchase price of the house and ask the seller to pay them (up to a certain amount). Before you get stuck with a predatory lender, please call me at 816-365-2225 and I'll get you the name of a lender you can trust to find YOU the RIGHT loan. Good luck! http://www.Ask-Cathy.com