Home Buying in New York>Question Details

Chelsea, Other/Just Looking in New York, NY

How much of a down payment do I need with a Condo?

Asked by Chelsea, New York, NY Sat May 5, 2007

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10% down payment is standard
1 vote Thank Flag Link Sun Aug 5, 2007
how about in florida---looking to buy a condo in florida cash--how much deposit is normal?
0 votes Thank Flag Link Wed Oct 10, 2012
A down payment of 10% of the purchase price is payable at contract signing. This is standard in Manhattan but in the other boroughs it varies and is more easily negotiated down.
0 votes Thank Flag Link Sun Aug 5, 2007
There are many different loan programs available. The choices are endless. You need to talk with a few different lenders, and find a product that best fits your specific needs. 10% down is an industry standard and that doesn't always work. Especially for first time buyers who may where the cost of the average condo is considerable. I would ask you lender(s) to come up with some different options for you that fit with your long term goals.
0 votes Thank Flag Link Wed Jul 11, 2007
The programs available are heavily dependent on your credit score and your ratio of debt to income. 100% financing programs are readily available if the bank likes your numbers
0 votes Thank Flag Link Wed Jul 11, 2007
NYC condo's tipicaly require a minimum of 10% down.
0 votes Thank Flag Link Wed Jul 11, 2007
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