Down payment

Say if I wanted to buy a co-op for $100,000

How much would I have to put down?

Better yet, if I had $10G to put down, what's the price range of a co-op I should be looking for?

You can do a piggy back loan so 80/10/10
80/15/5

There is a lot you can do, you really should talk to a mortage broker to get an idea of what you can afford. and MAKE SURE YOU SHOP AROUND FOR RATES!

swags, i'm so clueless on this stuff. what does that mean? i know it's been explained but i still don't get it.

To avoid PMI (private mortage insurance ( I think that is what it stands for, which is what happens when you have less than 20% to put down) people (like myself) take out a piggy back loan. The first loan is for the 80% which is your mortage and the second loan , in our case a revolving home equity type loan makes up the difference of your 80%. If you only have 5% to put down then you would take out the other loan for 15%, if you have 10% to put down you have to take out the other loan for 10%.

If you only have 10k to put down, you might want to only put down 5k because you will need the rest for closing!! So you would take out an 80/15/5

I hope that helps explain it a little better.

I agree, our condo closing came to over $6,000

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Posted by SandraLynn

piggy back loan, so does that mean you are paying 3 loans, or one loan??? (and i am worried about paying for a wedding, ha!)

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It means you are paying 2 loans, how much depends on what % you are putting down.

Good Luck!

Swags it took me all this time to figure out what you meant.

I've been so braindead lately!

Thanks for explaining it