Condominiums with only 5% Down!

Justin MillerNo CommentsConventional Loans

Did you know you can put down as little as 5% when buying a condominium as a primary residence? More and more condo buildings are becoming warrantable without having to put 25% on a primary residence.

The main issues we run into on the lower down payment condos are as follows:

  • Minimum of 10% of the revenue in reserves
  • Litigation can pose issues
  • No one investor can own 10% or more
  • At least 51% of the units must be sold and conveyed to owner occupants & 2nd homes
  • Maximum 30% investor concentration
  • Less than 15% are delinquent

Call me today for more information!