first time buyer advantage

Asked by Angelina Kim, Fort Lee, NJ Sun Jan 12, 2014

Hi,

Wondering if first time buyer advantage also applies to "coop".
Can I put down 3% of the down payment if I am a first time home buyer, even for the coop?

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Belal Mohd, Agent, Rego Park, NY
Mon Jan 13, 2014
No. Co-ops have their own requirement and it is very rare to have a 3% down payment. It is also very risky to buy a home with little or no down payment. Start saving. Try to get at least 10%, some co-ops allow it.
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