97% Financing for a Co-op

Many potential buyers mistakenly believe that a down payment of 20% or more is mandatory when purchasing a co-op. However, this is not the case for all buildings! While each co-op has its own specific by-laws and down payment requirements, there is a significant number of co-ops in New York that actually allow for a down payment of less than 20%. Additionally, conventional loan products offered by Fannie Mae and Freddie Mac provide excellent options for first-time buyers. With conventional loans, qualified buyers can often put down as little as 3% allowing for financing of up to 97% of the purchase price.