What is the standard down payment on a condominium.?
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FIRST ANSWER
your down payment wil be determined by the type of financing you obtain. FHA only requires 3.5% down. There are some 100% programs out there like RD(Rural Development) but only single family homes are eligible. A conventional looan will require 10-20% depending on your credit,income etc. if you are not planning to occupy the condo,your down payment will be at least 20% possibly higher. You should speak to a trusted local mortgage broker ..
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Answered Wed May 21 2008, 17:52 by David Podgursky in Hermitage
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