Is it possible to buy a condo with just 10% down?

Asked by EmilyD, Brooklyn, NY Sat Feb 1, 2014

I was told that for coops you need 20% or whatever the coop sets as minimum. Is it the same for a condo or can I get into a condo with just 10%?

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sat Feb 1, 2014
BEST ANSWER
Emily, the technical answer is yes. But it doesn't always work out that way. A lender will allow a 10% down-payment loan on a condo, but lenders do so with a "Full Condo Review" which means they will document and review all the condo's financials, budgets, financial statements, etc. Often, condos' financials do not meet the Fannie Mae requirements. In this case, you'll be forced to put a higher down-payment so that us lenders can do what's called a "Limited Review".

So bottom line is that it depends on the condo and its financials. The first step is to get pre-approved for a mortgage to begin with and then start shopping for a condo that works for you. I am always available to meet and help you with this process. Feel free to to call or email me if anything. Good luck!

IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 310 Crossways Park Drive • Woodbury, NY 11797 • jmeneses@snb.com • (516) 606-9648 Cell • (516) 740-4478 Office • (516) 918-5383 Fax
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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sat Feb 1, 2014
BTW my statement below doesn't apply to ALL condo types. Speak to myself or any other Loan Officer of your choice and go over the different types of condos and how financing varies.

IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 310 Crossways Park Drive • Woodbury, NY 11797 • jmeneses@snb.com • (516) 606-9648 Cell • (516) 740-4478 Office • (516) 918-5383 Fax
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