Is that true that if you need to buy a condo, you need to put 20% down minimum?

Asked by Gino Landetta, Fort Lauderdale, FL Wed Jan 30, 2013

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Maria Cipoll…, Agent, Coral Springs, FL
Fri Feb 1, 2013
You need to be careful when you look at condominiums if you are not willing to put 20 percent down. Even if you get an FHA approved condo, sometimes the rules and regulations from the Association estipulates that you can only buy if you have at least 15 to 25 percent down. Contact an experienced real estate agent that will be familiar with most of the condos and associations in the area that you would like to live in.

Best of Luck,

Maria Cipollone

Century 21 Tenace
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Keith Jean-P…, Agent, East Brunswick, NJ
Wed Jan 30, 2013

That is not always true. If the complex is FHA approved, a 3.5% mininum down payment would be required but with the nature of the economy, many condo communities are letting their approves lapse because they are not meeting the FHA requirements (reserves not sufficent, high HOA deficiency rates, large $$ pending lawsuits, etc.). With a good mortgage broker and agent, you can find out which complexes are FHA approved in your search area and then determine if that will be a deciding factor for your purchasing. Good luck!
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