Hi, I was wondering how much everyone put down on their condo..average cost for 2 bedroom. If you want please FM me. TYM!
gina&ken
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Re: Please help..how much down on COndo?
we put down 10%
skew
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Re: Please help..how much down on COndo?
i doubt it differs from a house. the norm is 10-20%, but i have heard of people putting as little as 5% down. i guess it depends on how much you can afford to offer.
nov04LIbride
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Re: Please help..how much down on COndo?
We put down 20% for our 1 bedroom condo. We also paid closing costs on top of that so they wouldn't be absorbed into the mortgage--closing costs were about $7000. We could have put down a little less, but this made our monthly payments more managable so we could save to upgrade to a house.
ETA: We looked at come co-ops that were much cheaper.
IrishBride-05
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Re: Please help..how much down on COndo?
I put down 20%. But, you can put down 10% or perhaps even less. It may depend on the Co-op board and their requirements, so check with the agent. My closing costs were a lot less than Nov04LIbride's - including attorney fees - approx $3,000.
pinky424
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Re: Please help..how much down on COndo?
We put down 5% and our closing costs were another 5%. If you have any other questions you can FM me. We just bought a condo in the beginning of Dec.
KimberlyBride
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Re: Please help..how much down on COndo?
We have a townhouse which is similar to a condo and we put down 20%. You will have to put 20% or pay PMI. It works the same way as if you were buying a house.
Sasha96
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Re: Please help..how much down on COndo?
It works just like if you were buying a house...you can do 20% down, less than 20% down + PMI, or less than 20% down and piggy back the mortgage with a HELOC.
DjPiLL
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Re: Please help..how much down on COndo?
20 is recommended... but you can do 10% with most banks.
But remember the more money you put down... the stronger your offer will be to the sellers.
christy
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Re: Please help..how much down on COndo?
Well we put less than the norm...only 5%. It still costs a lot. I would say with down payment, closing costs etc... it was over 20,000 for our 2 bedroom condo. Hope this helps you out. We currently pay PMI but we are going to have our place reassessed to see if we can get out of it next year.
myasmom
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Re: Please help..how much down on COndo?
Thanks for the response. One silly question..what is PMI. I have no clue. We only have like 25-30k to put down..does that mean no condo
myasmom
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Re: Please help..how much down on COndo?
Posted by DjPiLL
20 is recommended... but you can do 10% with most banks.
But remember the more money you put down... the stronger your offer will be to the sellers.
Sellers know how much you put down? I thought that once you are preapproved by the bank that the only way you lose out is if someone outbids by offering to pay more for the house/condo.
nov04LIbride
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Re: Please help..how much down on COndo?
Posted by myasmom
Posted by DjPiLL
20 is recommended... but you can do 10% with most banks.
But remember the more money you put down... the stronger your offer will be to the sellers.
Sellers know how much you put down? I thought that once you are preapproved by the bank that the only way you lose out is if someone outbids by offering to pay more for the house/condo.
No, they can also choose the person who can either pay full in cash or the most in cash. We were chosen above someone offering a higher amount who was putting down less and PMI. When my mother sold my aunt's condo after she passed she took a full cash buyer who offered $15000 less rather than higher offers with high mortgage amounts.
nov04LIbride
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Re: Please help..how much down on COndo?
Posted by myasmom
Thanks for the response. One silly question..what is PMI. I have no clue. We only have like 25-30k to put down..does that mean no condo
PMI stands for Private Mortgage Insurance--it's a cost added to the monthly payment of your conventional mortgage loans. With 20% down, you don't pay PMI. I think it is just greater insurance for the mortgage company since buyers who put less down are more likely to default on the loan.
With $25-30 it could be doable, but consider you will have to pay closing costs of probably $6 or 7,000 for a condo, so subtract that from what you put down. So if you pay closing costs cash, and say you put down $20000 on a 300000 condo (not many 2 bedrooms for less as a condo), the mortgage payment would be $1678.74 a month plus condo charges, usually about $300, plus your taxes (for us $400 a month) plus your PMI since less than 20 percent down. Plus electric, cable, phone, etc. Figure out how much you can afford to pay a month total. Co-ops are generally cheaper, so the mortgage would be less, but their monthly fees are higher--the ones we looked at were $750-850 a month, but there are no taxes for co-ops (well, there are, but it is included in the monthly).
myasmom
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Re: Please help..how much down on COndo?
We actually are considering some parts of bayside and forest hills along with long island. We live in queens right now. We saw some cheaper than 300k. Some were 225-270 and some areas were less like 199 but we are caustious about even seeing those.
TracyInQueens
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You have FM.
nov04LIbride
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There are a bunch of co-ops in Queens that are affordable--my mother sold my aunt's in Elmhurst for $200 (2 bedroom) in a really nice high rise complex. They actually seem to be more affordable than LI--maybe because there are more to choose from. Good luck.
