Co-op downpayment (Hope: coops, MBA, accepting)

[nadia32]

Do you always need to have a 20% downpayment for a coop???

[ambarstone]

Each co-op is different, has its own rules. Some ask for 10%, some for 20% With the current lending crisis, they will be fewer co-ops accepting 10%. When you see one you like, have the realtor check for you. The information may also be available in the listing itself.

[EdJones]

As Ambar said, all coops are different.

Mine accepted 10% but that was an exception. Your only option is to ask. I asked (through my broker) and they accepted.

Now, that didn't come without issues. The whole process was quite an ordeal. But we made it!

Hope this helps and good luck!!!

[Kevrltr]

I have seen as low as 10% down, and that isn't that unusual. There are some that want as much as 50% down, there may even be some around that want more than that.

All the best!

Kevin O'Shea