What is the standard down payment on a condominium.?

Asked by Lori Leo, hermitag Sun Jan 25, 2009

I want to know the lowest percentage I can put down on a condo

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Dana Schuster, Agent, Slidell, LA
Sun Jan 25, 2009
your down payment wil be determined by the type of financing you obtain. FHA only requires 3.5% down. There are some 100% programs out there like RD(Rural Development) but only single family homes are eligible. A conventional looan will require 10-20% depending on your credit,income etc. if you are not planning to occupy the condo,your down payment will be at least 20% possibly higher. You should speak to a trusted local mortgage broker ..
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