I have a decent credit score over 770, I would like to purchase a condo but with 100% financing from the bank. Is this at all possible.?

Asked by San, New York, NY Wed Jun 30, 2010

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Jenet Levy, Agent, New York, NY
Wed Jun 30, 2010
I know of absolutely no lender that will do 100% financing these days. We are in a very different lending environment post-subprime meltdown. It's great that you have very good credit, and that will help you get a good rate, but you cannot avoid a downpayment for a NYC condo. Apart from what the lender will want you to put down, most condos require 10% down. The exception would be some new developments that have taken the trouble to apply for and have received FHA approval. More new developments have secured this of late, and they usually have a preferred lender to help you cut through the red tape. That only requires 5% down. This does not apply to more than a handful of new developments. I have sold units in two such developments.

Jenet Levy
Halstead Property, LLC
212 381-4268
1 vote
Tammy Benkwi…, Agent, Somers, NY
Wed Jun 30, 2010
Where in New York? In the NYC, suburbs? Not all condo associations require board approval. (Co-ops yes, condos, at least outside of NYC, no.)

If you are veteran, you may qualify for 100% for a VA loan. I just closed one successfully and with no hassle for a townhome.

FHA approved condos will allow 3.5% down and a sellers concession. Or you can purchase a PUD townhome (you own land underneathe) which does not require FHA approval.

Please speak with a mortgage broker. I know several good mortgage people and I am happy to share them with you. Let me know.

Best of luck!
1 vote
, ,
Fri Jul 9, 2010
Hi, San

You need to speak to a local loan officer to see if there are any possible downpayment programs still available in your area. These are usually income and location based and have a finite amount of funding. Outside of that, the only other 100% financing is VA.
0 votes
Michael Dvor…, Agent, NYC, NY
Thu Jul 8, 2010
The only 100% financing that I am aware of is for veterans- do you qualify for a VA loan?
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Jun 30, 2010
You may wish to consider visiting with any qualified loan officer(s) and look at your finances in detail, after reviewing your financial picture your loan officer can best guide you-- then go from there, as100% financing is virtually non existent.
0 votes
Lou Snitkin, , New York, NY
Wed Jun 30, 2010
Condos in Manhattan usually allow a maximum of 90% financing, but most lenders won't approve anything above 80% in today's lending world. I've come across a couple of Credit Unions that will give a 90% loan to people with extraordinary credit ratings (800+), but that is rare.

100% financing is one of the things that put us in our current situation, and is not a good idea; even if you can find a lender who will underwright such a loan.

Lou Snitkin
Bellmarc Realty
Web Reference:  http://www.LouSnitkin.com
0 votes
D Cheng, , New York, NY
Wed Jun 30, 2010
If you can manage 3.5-5% down, I know of a few properties that are FHA approved for 95-96.5% financing. Let me know if you are interested and I can send you some more details. You can reach me by email at daphne@kurlandrealty.com
0 votes
Nick Rafello,…, Agent, NY,
Wed Jun 30, 2010
100% financing days are long gone and probably not possible anywhere in the United States. The way banks are holding properties these days (i.e. FORECLOSURES) they more than likely wouldn't take the risk. Save your money and get a traditional loan. Don't worry, there's always a condo to buy......you're not missing anything.
0 votes
Sami, , New York, NY
Wed Jun 30, 2010
The short answer is no, it is not possible to buy a condo in NYC with 100% financing.
0 votes
Gail Gladsto…, Agent, 11743, NY
Wed Jun 30, 2010
If you could find such a financing (not too available these days) my guess is that the condo board would not approve you. Most of them also want from 6 months to 1-2 years in reserves in your bank account.
Web Reference:  http://gailgladstone.com
0 votes
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