How much required to put down for a condo (mortgage, mortgage, approved)

[CristenS]

Years ago I heard that due to new laws put in place after the house market problems, that a person was required to put down a minimum of 10% when purchasing a condo, no matter what type of loan he/she got. Is this still true today?

[Mightyqueen801]

Originally Posted by CristenS

Years ago I heard that due to new laws put in place after the house market problems, that a person was required to put down a minimum of 10% when purchasing a condo, no matter what type of loan he/she got. Is this still true today?

Nope. I bought a condo last year with an FHA mortgage and put down 3.5%.

In order to do that, however, the condo complex has to be FHA approved.

Here's the site that tells you if the complex is FHA approved.

https://entp.hud.gov/idapp/html/condlook.cfm

[CristenS]

Thank you so much! Unfortunately I do not see mine on there and now that I've investigated more I have figured out why, but this is definitely useful information.