Home Buying in Crown Heights>Question Details

Mango, Renter in Crown Heights, Brook...

how much money do you have to put down on a condo in crown heights priced at 300,000?

Asked by Mango, Crown Heights, Brooklyn, NY Sun Jul 1, 2012

I saw a condon accross the street from me sellin for $299,000, so may question is what is the down payment?

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Anna M Brocco’s answer
If you haven't done so yet, visit with any licensed loan officer; the down payment will depend on the type of loan; 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.
1 vote Thank Flag Link Mon Jul 2, 2012
It would depend entirely on the type of financing you were able to get. Downpayments range from zero% (VA Loans) to 3.5% (FHA), most conventional loans want 10%-20%. You would need to talk to a loan officer to get prequalified and see where you fit into the spectrum. Hope this helps.
1 vote Thank Flag Link Sun Jul 1, 2012
Please, contact mortgage broker for more information
0 votes Thank Flag Link Thu Mar 12, 2015
You need to let a mortgage officer know the name of the condo association. For a 3.5% down payment the condo must be approved by FHA. For a 10% down mortgage the condo must meet FNMA or FHLMC requirements and you need to be able to get PMI. SONYMAE may be available for the condo.
0 votes Thank Flag Link Tue Jul 3, 2012
You can put as little as 3.5% down in order to purchase. This works out to be around $10,000. This does not include your closing costs (which could be financed). Certain condo boards may require you to put more $ down so you may have to check with them. They do have loan programs where you can put even less down. Also please be aware that the bank will want to see that you have at least 2 to 3 months in reserves after your down payment. Let me know if this helps. Kevin Homes 212-920-9604
0 votes Thank Flag Link Mon Jul 2, 2012
Thanks Kevin, very , very helpful. Good answer as a 1st time buyer, enlightening.
Flag Mon Jul 2, 2012
Dear Mango:

That depends on your qualifications. You need to speak to a mortgage banker and determine if you are qualified and how low of a down payment you can use. As an example, veterans can purchase a property with no money down! If I can be of further assistance please let me know. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Mon Jul 2, 2012
I can depend on the condo & your financial position . On a condo you can put as low as 3-1/2 % . You should check with a mortgage professional to get a clear picture .
0 votes Thank Flag Link Mon Jul 2, 2012
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