Jessica, Other/Just Looking in West Babylon, NY

What would I realistically expect to have upfront as well as for closing costs, for a co-op or condo priced around 139-189 k? (in Nassau County, NY)

Asked by Jessica, West Babylon, NY Mon Mar 22, 2010

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Your agent, loan officer and or attorney can advise you best--some of the cost will depend on the down payment amount--especially in co-ops where boards do require a certain amount down and that amount can vary from complex to complex. Your loan officer can give you good faith estimates once you have an offer accepted.
0 votes Thank Flag Link Mon Mar 22, 2010
Here is the worst case scenario: if the co-op is priced 190k, 25% down is 47,500. Closing cost are about 2% or 3,800 and mortgag lender normally want 2 monthly payments in reserves or about another 3500.....
Total of about 55-60k

If the co-op is priced lower, or you can go with "only" 20% down, you can adjust accordingly.
0 votes Thank Flag Link Mon Mar 22, 2010
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