{ "media_type": "text", "post_content": "For those who have recently bought/are buying condos...how much put down (%) and what kind of mortgage product? How long did process take from getting approved until close?", "post_id": "5ab285db5727bf00187a7f24", "reply_count": 6, "vote_count": 2, "bowl_id": "553769a790f5eebe1d2a0f92", "bowl_name": "Finance", "feed_type": "crowd" }

For those who have recently bought/are buying condos...how much put down (%) and what kind of mortgage product? How long did process take from getting approved until close?

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It entirely depends on your mortgage broker, if you’re buying an investment property versus a primary residence, you need to decide on whether or not you want to use the FHA program. If you are buying your own place (assuming you don’t already own a home in the city you’re in), and you use a standard agency mortgage with an FHA premium, you’ll likely put down around 3.5-5%, your rate (assuming you have high income, assets in the bank and >760 score) will probably land between 4.5-5.5% and you’ll have a 1-2% FHA premium added to the loan PLUS monthly mortgage insurance until you reach 75% LTV (approximately). Don’t forget your closing costs and origination, around 3% of the loan

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You gonna get royally f***d in ny on closing costs since there is a mortgage tax. Be sure to calculate it upfront

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I’m in Chicago and aim to put 25% down, appreciate the thoughtful reply by the way

Op - why would u put 25% with these rates? Put in as little as possible and invest the rest

Yeah, I’m also curious why you’d do 25% instead of the traditional 20% to avoid mtg insurance

Ah if it’s 20% to avoid mortgage insurance then I’d do that

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