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The amount of your down payment for your condo or townhome will depend on several factors, such as your credit score and what you can afford for a down payment. Other factors may affect how much you should put down, but generally a down payment for a condo or townhome is like what you’d put down for a single-family house.
The minimum down payment needed for a conventional loan is just 3 percent. For an FHA (Federal Housing Authority) loan, borrowers need a minimum of 3.5 percent of the purchase price upfront. If you qualify for down payment assistance, you might not need very much at all to get started.
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Dealing with the Down Payment. When it comes to the down payment for a condo unit, the higher the better. If you put at least 20 percent down payment, it will reduce the risk to the lenders. This is true not just for condo units, but for all properties. The higher the down payment, the more secure the lender becomes.
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"Assistance programs are provided to buy single family homes, town homes and condos," Mignault says. there’s no limit on how much of the down payment can be gifted. The same is true for a.
If you bought a similar condo for $300,000, then your mortgage payments would be $1,391 per month, assuming a 3-per-cent mortgage rate and a 5-per-cent down payment of $15,000.
of Home Value down payment: monthly mortgage payment (No mortgage insurance required) total closing costs : FHA: You do not qualify for this mortgage type – Conforming: of Home Value down payment: monthly mortgage payment (No mortgage insurance required) total closing costs: conforming: You do not qualify for this mortgage type – 20% Down Payment
Factors Affecting Condo Down Payments. For example, if the condo’s appraised value is $200,000 and your lender can finance a maximum loan amount of $160,000, your down payment is $40,000. Forty thousand dollars equals 20 percent, therefore, your LTV is 80 percent.
Condo down payments are required for buying a condo in Canada.. get a better feel for how much your monthly mortgage payment will be.