COOP / CONDO_LESS THAN 20% DOWN_NYC

[Anthony Buscaino]

Hi guys,

I'm located in NYC - specifically searching in the Brooklyn and Queens boroughs.

In regards to getting approved for purchasing a coop / condo, I'm aware that most require at least 20% down. Are there some buildings that accept as low as 5-10% down? If so, is there some sort of list online that points these properties out? I know it's a long shot, but I figured I'd ask anyway. 

Also, if none do exist, do you think coops / condos will start to be more lenient in regards to down payment amounts considering the state of the economy, and giving people a chance to actually purchase a property in such a tough market? 

Thank you in advance, and I hope you and your families are staying safe.

Anthony

[Andrew Steiker-Epstein]

Hi Anthony,

It's difficult to find co-ops that will accept less than 20% down but not impossible. It can be done in HDFC co-ops but you'd have to qualify. Condos, on the other hand, typically have more flexibility there. Unfortunately, there's not an easy way to search specifically for that criteria but if you stick to condos you'll definitely have options at the 10% down range. 

As far as this changing in a bad economy, don't count on it. The last thing co-ops/condos and banks want to do in a struggling economy is take on more risk. 

Let me know if you have any further questions or want to discuss further. 

Best,

Andrew