Q: I’m looking for an apartment in Manhattan. I’ve pre-qualified for a mortgage, and have a steady income to afford what I’m looking for, but I’ve only been working for a few years and thus don’t have enough saved for a 20% down payment. When co-ops say that they require 20% down, is that generally a solid requirement or can it be negotiated?
A: The maximum allowable financing that a co-operative will allow is non-negotiable. Many first time buyers will consider remedies such as a gift or loan from a family member to assist them with overcoming this important financial threshold in the purchase process. In today’s marketplace, many condominiums will require 20% as well. Working with an experienced real estate professional can help you find properties to consider that are within your budget. If you would like to speak with one of our agents or a mortgage loan officer, we would be happy to assist you.