Do any of you ladies know the min down payment on a Co-Op? I can't seem to find any info. Thanks!
HM807
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Re: Down payment on Co-Op?
Some will accept 10%, most 20%. I'd go with 20% if you can, so you dont have to pay insurance on the balance!!!
If you are still looking in queens, check out Clearview Gardens in Whitestone... They include all the utilities in their maintance.
Espo22
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Re: Down payment on Co-Op?
most are 20%...SOME you can find for 10%, i know some buildings not many but they only ask for 10% down. And if you ever find a sponsored apartment then usually they ask for a lower dp and can do 5-10%. I know of one building in kew gardens that is nice and they only ask for 10%. If you can do more i would go with more though bc you'll just pay more on your mortgage
LegoBride
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Re: Down payment on Co-Op?
thanks girls - some random told me 50% - I was iike
I'll just buy a house
Espo22
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Re: Down payment on Co-Op?
Posted by LegoBride
thanks girls - some random told me 50% - I was iike
I'll just buy a house
NOOOOO ive never seen 50% down for a co-op or anything for that matter. Ive looked at so many apartments and not one had 50% and even online ive seen HUNDREDS if not more and none had for that much.
kbond06
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Re: Down payment on Co-Op?
my co-op was 20% down
EsquireBride
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Re: Down payment on Co-Op?
Sometimes it depends on the coop rules, but it also might depend on your lender for your mortgage -- in this economy, they might want you to put down more as a down payment and will only approve your mortgage for 75 or 80% (when they were giving out loans like candy, they would often do 90 or 95%).
vicky1125
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Re: Down payment on Co-Op?
some take 10% but most places now want 20% because of the economy.
chicky724
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Re: Down payment on Co-Op?
We've looked at a few places (Roslyn, Lynbrook and Mineola) and they told us 10% was ok.
Some will accept 10%, most 20%. I'd go with 20% if you can, so you dont have to pay insurance on the balance!!!
If you are still looking in queens, check out Clearview Gardens in Whitestone... They include all the utilities in their maintance.
Clearview is pretty strict with the DP..I think they require 25%. They are actually pretty strict with everything. They annoy me.
sofreakingexcited
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Re: Down payment on Co-Op?
Ours was 10% but that was because of the loan we got. Some places will let you do even lower I think! If you can't put down 20% I won't sweat it! Mortgage insurance really isn't that much on top of your mortgage in the grand scheme of things
Ann 52409
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Re: Down payment on Co-Op?
20 % is usually required
FutureMrsG
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Re: Down payment on Co-Op?
It is usually 20% but some will accept 10% sometimes they will work a fee into your morgage until you have paid 20% of the total cost ( the fee is call PMI).
JKFris09
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Re: Down payment on Co-Op?
I think ours is 20%
flairforfashion
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Re: Down payment on Co-Op?
20% is the usual dp amount.
Munchkn16
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Re: Down payment on Co-Op?
Most are 20. They're regulated by the co-op board, not the bank. I dont think there's a minimum downpayment on condos. And most mortgage brokers/banks have done away with PMI, so I wouldn't panic about that.
lizzie217
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Re: Down payment on Co-Op?
It depends on the COOP...mine was 20% but many are 10%. If you are interested in a particular COOP contact them directly HTH
