How much of a down payment do I need with a Condo?

Asked by Chelsea, New York, NY Sat May 5, 2007

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6
Brian Brump…, Agent, Boise, ID
Wed Jul 11, 2007
BEST ANSWER
There are many different loan programs available. The choices are endless. You need to talk with a few different lenders, and find a product that best fits your specific needs. 10% down is an industry standard and that doesn't always work. Especially for first time buyers who may where the cost of the average condo is considerable. I would ask you lender(s) to come up with some different options for you that fit with your long term goals.
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0 votes
Robin Lynch, , Westchester County, NY
Sun Aug 5, 2007
10% down payment is standard
1 vote
johnvena, Home Buyer, Florida
Wed Oct 10, 2012
how about in florida---looking to buy a condo in florida cash--how much deposit is normal?
0 votes
Joseph Ferra…, , New York County, NY
Sun Aug 5, 2007
A down payment of 10% of the purchase price is payable at contract signing. This is standard in Manhattan but in the other boroughs it varies and is more easily negotiated down.
0 votes
Michael Pan…, , 28117
Wed Jul 11, 2007
The programs available are heavily dependent on your credit score and your ratio of debt to income. 100% financing programs are readily available if the bank likes your numbers
0 votes
Paul Macapag…, Agent, NY, NY
Wed Jul 11, 2007
NYC condo's tipicaly require a minimum of 10% down.
0 votes
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