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nwr---how much is a good downpayment for a co/op?

meliss1019 Posted: Apr 10, 2006 04:34 PM+

meliss1019 MEMBER SINCE: 2/06 TOTAL POSTS : 307 WEDDING DATE: Sep 07, 2007

Posted: Apr 10, 2006 04:34 PM

nwr---how much is a good downpayment for a co/op?

in the price range of $225-260?
trying to figure out a weekly savings for this....

angnick Posted: Apr 10, 2006 04:35 PM+

angnick MEMBER SINCE: 7/05 TOTAL POSTS : 3701 WEDDING DATE: Jul 02, 2006

Posted: Apr 10, 2006 04:35 PM

Re: nwr---how much is a good downpayment for a co/op?

with most co-ops, u are mandated to put down 20%.

sugarkube4 Posted: Apr 10, 2006 04:35 PM+

sugarkube4 MEMBER SINCE: 2/06 TOTAL POSTS : 10395 WEDDING DATE: Apr 29, 2007

Posted: Apr 10, 2006 04:35 PM

Re: nwr---how much is a good downpayment for a co/op?

you have to see what the board requires.. most times it about 20%

sr081906 Posted: Apr 10, 2006 04:36 PM+

sr081906 MEMBER SINCE: 2/06 TOTAL POSTS : 7091 WEDDING DATE: Aug 19, 2006

Posted: Apr 10, 2006 04:36 PM

Re: nwr---how much is a good downpayment for a co/op?

You mean average down payment or to avoid PMI.

I think 'Good' is 20 to 30%

PrincessConsuela Posted: Apr 10, 2006 04:37 PM+

PrincessConsuela MEMBER SINCE: 7/04 TOTAL POSTS : 2686 WEDDING DATE: Feb 03, 2006

Posted: Apr 10, 2006 04:37 PM

Re: nwr---how much is a good downpayment for a co/op?

usually it is 20% down. however i depends on the managment company. my building we only put 10% down.

prinses777 Posted: Apr 10, 2006 04:39 PM+

prinses777 MEMBER SINCE: 7/05 TOTAL POSTS : 3466 WEDDING DATE: Jul 07, 2007

Posted: Apr 10, 2006 04:39 PM

Re: nwr---how much is a good downpayment for a co/op?

Usually it depends on the SELLER for the down payment, I only did 5% down, and had the closing cost put into my mortage then I had a lot of money to renovate my place I/o putting it all down up front.

angnick Posted: Apr 10, 2006 04:39 PM+

angnick MEMBER SINCE: 7/05 TOTAL POSTS : 3701 WEDDING DATE: Jul 02, 2006

Posted: Apr 10, 2006 04:39 PM

Re: nwr---how much is a good downpayment for a co/op?

Posted by sr081906

You mean average down payment or to avoid PMI.

I think 'Good' is 20 to 30%

in the case of co-ops, it has nothing to do with avoiding pmi.. it is required by the boards..

ali120206 Posted: Apr 10, 2006 04:43 PM+

ali120206 MEMBER SINCE: 10/05 TOTAL POSTS : 4385 WEDDING DATE: Dec 02, 2006

Posted: Apr 10, 2006 04:43 PM

Re: nwr---how much is a good downpayment for a co/op?

Even if the co-op only mandates 5 or 10%, it's good to put down 20% to avoid PMI.

In a lot of cases, if you have less than 20%, you can take out a home equity loan to make your down payment 20% to avoid PMI.

sr081906 Posted: Apr 10, 2006 04:45 PM+

sr081906 MEMBER SINCE: 2/06 TOTAL POSTS : 7091 WEDDING DATE: Aug 19, 2006

Posted: Apr 10, 2006 04:45 PM

Re: nwr---how much is a good downpayment for a co/op?

Posted by angnick

Posted by sr081906

You mean average down payment or to avoid PMI.

I think 'Good' is 20 to 30%

in the case of co-ops, it has nothing to do with avoiding pmi.. it is required by the boards..

I was not sure if she meant the loan itself or the board request. So I throw both of them in my answer.