Dee Vanover, Broker-Associate
Timothy P Smith PA
who gave you the information that you need to put 30% down? Was it your lender? If they require that down payment you can shop around. Different lenders different rules. One lender may accept 20% down.
Condo associations as well could have different rules and can ask a possible buyer for a minimum down payment on a financed Unit.
If your lender made the requirement shop around, if the Condo association requires you to put 30% down than there is no way around. If it is just street talk than consult with a lender and they are happy to give you the requirements on the loan program they can offer you.
Hope the information helps you out.
Annett T. Block
Florida Connects Inc.
In addition to the answers you were given herein, if you lender told you that you need to put 30% down, it may be because you own 2 other properties and, now, your income vs your ability to carry three properties may be what is required, 30% down. It happened to one of my long-time wealthy customers whom I have sold them four properties that they own at the same time (main residence they own cash and the other three are investment properties) and all with the same lender and banker whom he and his wife have been dealing with for the past 22 years. So, it ended up that their banker refused to give them another loan because they no longer wants to take the risk on them. They seek another lender and all went fine to buy the 5th property.
However, there are a bunch of lenders out there who refuse to lend any money towards condominium purchases only if buyers put down at least 30% cash.
But, if it is the condo association that requires that, then, if you want to buy in that condo, you will have to comply. Remember that condos have all been taken and hurt by the mortgage defaults of the 2006-2011. They are wiser, now.
Have you already been pre-approved by a mortgage broker? If you need help with finding a mortgage broker or if you want additional help regarding this association, don't hesitate to let me know. I'd be happy to help you,
Villa G Realty, Inc.
My advise is to speak to a mortgage broker. Otherwise ask your agent to elaborate. Or you can call us and we will sort it out with you.