how much down payment do i need for a condo or coop
Your down payment is the difference between the home value and the amount a lender is willing to finance, a percentage known as loan-to-value. 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.uyers who use the condo for investment purposes or as a secondary residence may require 10 percent to 25 percent down, depending on the loan type and whether it's a Fannie or Freddie program.