Home Buying in Forest Hills>Question Details

Orangepurple, Home Buyer in 08820

10% down condos in Queens....??

Asked by Orangepurple, 08820 Tue Jan 12, 2010

My husband and myself are looking to buy a condo in Queens (forest hills and areas around it). We are not interested in co-ops. The thing is we do not want to put more than 10% down payment...and every mortgage person has told us that we need to take FHA loan..unless we plan to put in 20% down. But..in the condos advertised..i see that the condos do not need more than 10% down...so why is there so much of difference in opinon? I have noticed that there are not too many FHA approved condos in Queens..but i do not want to put in 20% down!..that seems too much money for me.

Help the community by answering this question:


Orange, you can absolutely put 10% down on a condo and still get a conventional loan.

The reason why you are being told it can't be done is because most banks won't touch it because for a condo with 10% down it is very hard to get mortgage insurance (which is required with any loan where the is less than a 20% down payment).

There are also points (mandatory as per Fannie Mae) you would have to pay as well for putting down so little on a condo.

I hope this helps. Feel free to contact me if I can be of assistance.

Good luck.
1 vote Thank Flag Link Tue Jan 12, 2010
Hello Orange. Yes as stated below, you can get a 90/10 loan to value. The thing here is you need to be squeaky clean with income, assets and credit score. The bigger problem with Forest Hills (Rego and Kew) is there are so few Condo buildings.

In FH, it's the Pinnacle, The FH Windsor, Novo64, Park Manor and a few others. If transportation proximity is needed, Kew Gdns may not be the best solution and Rego will also have few options. Inventory will be limited based on the size and amenities you may want and I might think you know that Condos out-price similar sized Coops by (at least) $100K+

If you would like to discuss availability, prices, etc. I'm glad to offer a free, no obligation consultation in my office or your home if it's more convenient for you. I can also offer an excellent referral for a Condo loan as we are a full service brokerage. Please feel free to call me anytime. Regards!

Joseph C. Hastings
Prudential Douglas Elliman Real Estate
Cell: 917-579-1502
1 vote Thank Flag Link Tue Feb 16, 2010
Don't always believe what you see in the ads--never forget to read the fine print as well. Continue doing your homework, and if you haven't already-- try some mortgage brokers as well. If you have 20% to put down, you should consider doing so (speak to your tax consultant, as he/she knows your finances best)it will get you a better interest rate and no mortgage insurance will be needed.

0 votes Thank Flag Link Tue Jan 12, 2010
Many ad's can be misleading in statements JUST have you on property .

If you are turned down my mortgage brokers who represent lenders they work within guidelines of bank requirements.

You can search for another type of dwelling works with your specifications.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911

0 votes Thank Flag Link Tue Jan 12, 2010
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