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How much is a down payment for a condo?
I am trying to get my finances together to purchase my first condo. I have a job that pays great, but I’m a little low on savings. How much is a down payment for a condo?
Nick Kunze · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on the condo—that’s an exciting step. On average, you’ll need to put down at least 10% of the purchase price, although a down payment can be as low as 3% or as high as 20%.
A down payment is a lump sum payment of a condos’ total purchase price. The rest of the condo will be financed through your mortgage. The higher your down payment, the less you’ll need to borrow, which will save you money on interest in the long run.
For lower down payments—like one between 0% and 3.5%—you’ll likely need to get a specialty loan, either from the Federal Housing Administration (FHA) or the Veterans Association (VA). Many states have programs to help first-time homebuyers, especially those buying in specific areas.
Another important part of your budget when buying property is insurance. If you want to save money on home, renters, or car insurance, the
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- Gregory R.
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