It depends on the total monthly costs and the type of condo mortgage you choose. If you qualify for a VA loan, for example, you likely won’t need a down payment. However, you would still need to have enough cash to cover your closing costs and, if you don’t want to finance your VA funding fee into the loan, you’ll need extra cash to cover it. With conventional mortgages, you may be required to have a certain amount of cash reserves set aside in case of a financial emergency.