Home Buying in Brooklyn>Question Details

Eva, Renter in New York

can i buy a condo with less than 20% down? my condo is not FHA approved. Thanks

Asked by Eva, New York Mon Jan 16, 2012

can i buy a confo with less than 20% down? it us not FHA approved.

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6
Yes. You should look at MeadowWood at Gateway. Great condos.
0 votes Thank Flag Link Wed Sep 26, 2012
Eva,
The big question is is the condo warrantable? If not you will need more then 20% done. If it is warrantable, it will depend upon PMI approving the condo and you.
0 votes Thank Flag Link Tue Jan 17, 2012
Most conventional loans require 5% down, so you should be okay. But check with a lender, they are the experts in this matter.
0 votes Thank Flag Link Tue Jan 17, 2012
Just as the condo has to be FHA approved, it needs to be approved as well for conventional, conforming financing. If it's not approved for FHA by choice, then you may have options conventionally. If it's not FHA approved for other reasons, those same reasons could cause conventional financing to be unavailable.

Speak with a loan officer in your state.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Mon Jan 16, 2012
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; therefore if you haven't done so yet, visit with any licensed loan officer to determine mortgage qualification, the type of loan, how much, how much down, etc.; generally yes, you can purchase a condo with a conventional loan with less than than 20% down.
0 votes Thank Flag Link Mon Jan 16, 2012
Yes, you can buy a property with a conventional loan with as little as 5% or 10% down. Talk to a local lender or mortgage broker and they can go through all of your options. Good luck!
0 votes Thank Flag Link Mon Jan 16, 2012
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