Dear Tammy Simone:
There are two things that will determine the amount of down payment you will require, they are as follows:
1) YOUR QUALIFICATIONS. Of course you are limited to the amount of money you have to put down no matter what. In most cases you will need at least 10% just to qualify and the majority of banks may even require at least 20%. You need to meet with a mortgage banker and get yourself pre-qualified in order to find out what you can or cannot do.
2) The co-op itself may have a minimum down payment policy. The vast majority of co-ops in Brooklyn do require 20% down, however, there are some that have no restrictions or may take less than the 20%. This policy varies form co-op building to co-op building. You have to find out the co-ops policy before you make an offer, otherwise you may be wasting your time.
If I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783