Tag Archives: down payment

Is the 20% down payment for a co-op negotiable or a solid requirement?

Posted May 11 by Dottie Herman, Leave a comment

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? Read More.

If I’m thinking about moving from Canada to New York City, what preliminary steps should I take?

Posted March 6 by Dottie Herman, Leave a comment

Q: I am Canadian living in Canada and one day I would like to buy a small apartment in NYC. Besides the down payment, which I am assuming is 20%, what do I need to have to make this happen?  Thanks. Read More.

Should I buy now, or wait another year?

Posted March 6 by Dottie Herman, Leave a comment

Q: I have about $85,000 I’m willing to put down on an apartment, great credit, and make $275,000 a year. I’m thinking about buying, but also considering waiting a year to get another bonus and taking the down payment to $150,000 or so. Any advice? Read More.

What can I ask for from a buyer before contract, besides a pre-approval?

Posted November 30 by Jan Scheck, Leave a comment

Q:  I am the seller. What can I ask for from a buyer before contract, besides a pre-approval? Can I ask for the loan officer number or for a contact at the bank? Or, can my lawyer request that they have a commitment within 45 days or else the buyer will be liable for $5-10 thousand of their $80k down payment? Read More.

Can I get an FHA pre-approval in two weeks?

Posted October 15 by Team Elliman, 1 Comment

Q: I am considering purchasing a single-family home, but I don’t have much of a down payment. I saw something that I like very much but they’re giving it to a realtor, although they said they would give me two weeks to come up with a mortgage.  If I can’t get it by then, I’d have to make an offer and so on. Can I get an FHA pre-approval in two weeks? Read More.