Home Buying in New York>Question Details

blueboybliss, Other/Just Looking in New York, NY

are there any coops that will take a min of 10% down?

Asked by blueboybliss, New York, NY Fri Jul 12, 2013

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8
Yes, there are some in the Hudson Heights/Washington Heights area.

Feel free to give me a call.

Nick Rafello
Licensed Associate Real Estate Broker
The Corcoran Group
646-221-8321
nrafello@corcoran.com
1 vote Thank Flag Link Fri Jul 12, 2013
Fnma approved coop can be 10% down, very hard to find
0 votes Thank Flag Link Thu Jul 25, 2013
Hi,

As most have already responded, it is rare to find a coop that allows 90% financing. Even if you do, it is just as rare in this market to find a lender who will lend more than 80% of the appraised value or contract price, whichever is less.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
0 votes Thank Flag Link Mon Jul 15, 2013
Blueboybliss,

It is very rare that you will find coops that accept 10%. You may find a few, but your first step should be getting pre-qualified for a mortgage. Good luck.

Ross Ellis I Licensed Real Estate Salesperson
Member of Real Estate Board of New York
Halastead Property
EastSide Office
212.317.7828 direct
rellis@halstead.com
0 votes Thank Flag Link Sat Jul 13, 2013
Blueboybliss,
Co-ops generally require at least 20%. There are a very, very small percentage that accept less and they are few and fare between. However, very few lenders will lend 90%, so it becomes a bit of a moot point. Condos generally only require 10% down, but again, most lenders will not lend more than 80%.
0 votes Thank Flag Link Fri Jul 12, 2013
There are not many but that doesn't mean you can't find a few. Use a broker to help you with this or be prepared to spend a lot of time searching. The bigger question is do you not have enough for a 20% dp and if that is the case would you really be able to get a 90% loan? First thing, if you've not already, is to get yourself pre-qualified by a mortgage professional. Good luck.
0 votes Thank Flag Link Fri Jul 12, 2013
There are plenty in Westchester County.

Chris
0 votes Thank Flag Link Fri Jul 12, 2013
There definitely are. But it's just a few. The grand majority of co-ops will require a 20% or more for downpayment.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Fri Jul 12, 2013
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