Home Buying in Queens>Question Details

Keganlocal342, Home Buyer in Queens, NY

What is the lowest percentage u can put on a condo worth 279,000?

Asked by Keganlocal342, Queens, NY Wed Oct 10, 2012

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I’m wondering if you are asking what will the condo accept a a minimum down or are you asking about financing? Most condos in New York will accept 10% down but I have seen some that require 20%.
As to a loan probably the lowest is a VA loan but I have found it extremely hard if not impossible to find any available apartments in the few condo buildings approved for a VA loan in Manhattan- not sure what the situation is in Queens.
Jolie Muss
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0 votes Thank Flag Link Fri Oct 12, 2012
Easy 2 step process puts you in a better buying position:
1. Get pre-approved by a mortgage loan officer
2. Hire a real estate agent of your own (buyer's agent)
0 votes Thank Flag Link Thu Oct 11, 2012
Depends on the type of loan; therefore if you haven't done so yet, visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. FHA loans require a minimum of 3.5% down, for a list of approved condos see link an or ask your loan officer https://entp.hud.gov/idapp/html/condlook.cfm
0 votes Thank Flag Link Thu Oct 11, 2012
If the condo development is FHA approved, you can put down as little as 3.5%
0 votes Thank Flag Link Wed Oct 10, 2012
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