Will Co-op Boards negotiate a down payment?

Q: As a first time buyer, I’m looking for a co-op in Manhattan.  I have a good job but haven’t saved enough for a 20% down payment. Are co-op boards negotiable about the amount I would be required to put down?

A: In Manhattan, the average down payment for a co-op is 35% but there are many co-ops that will allow 20%, especially those in buildings with a lot of starter apartments such as studios and 1-bedroomsWasser-Hindernis.  While it is possible for a board to make an exception, it is rare to see a co-op require less than 20% as a down payment.

Filed Under: Buying