However you can purchase a condo with as little as 5% down, just as you can purchase a private house with a similar amount of the purchase price down. So you do have other options.
These rules may indeed be arbitrary, but there is a financial logic behind them. And they applied to the current owners when they bought in, just as they apply now to new purchasers.
Condominiums do not set minimum required downpayment. The required downpayment is set by the lender, and it's determined by what you qualify for and the loan program.
Consider meeting face-to-face with a Loan Officer who is experienced with condo lending. Originating & processing a mortgage for a condominium or co-op is a bit more complex than that of a 1-4 family house. Because of this, you want to make sure the Loan Officer is experienced specifically with condo and/or co-op lending.
If you need a dependable Loan Officer, I'm always available to meet in one of our Queens or Manhattan branches. Good luck my friend!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
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(631) 659-2011 Office
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