if you have the minimum down payment for any of these type of properties then you are always welcome to put down more money. I hope this answer helped you.
Licensed Sales Agent
Weichert Realtors, H.P Greenfield
As indicated below by Robin, 10% is customary in New York. Are you concerned about the amount that is required at contract signing? If yes, then you need to speak to your attorney about putting down a lesser amount initially (if it's possible) and come in with the balance at closing.
Bonnie Chernin & David Rogoff
Coldwell Banker Mid Plaza
If it's residential and you're going FHA, your earnest money deposit might be no more than 3.5%. If it's a condo or coop and you're not going FHA you may be required to minimally put down 10% or more at contract signing.
Everything you need to know is readily available provided you have been working with professionals. Your question tells me you are going solo here and that is probably not in your best interest if you are serious to purchase. Lastly, if you've not at this point spoken with a mortgage consultant, you're just thinking about it and not yet serious.
Here's a last thought. The extended Federal tax credit will be expiring soon. If you are not in a fully executed contract of sale by April 30th and close on or before June 30th, you can kiss away the free money.
Before you make any or your Best and final offer I believe as a Consumer you should read through these discussions.....
I suggest all Consumers read the above and consider it....Basing decisions based on the information supplied by Agents may not always be in the best interests of the Consumer..At least according to a good number of AGENTS.
Certified Buyer Representative
Century 21 Princeton Properties