The average down payment in New York City is 20% of the purchase price. It's possible to put 10% or less on many condos in the city. Most co-op apartments have stricter financial requirements, requiring a minimum of 20% down payment. Condo buildings in New York also often have minimum financing requirements.
The standard down payment to buy an apartment in New York City is 20 percent and is often required in most co-ops. Most sellers wait for the threshold and normalize their interest rates with lenders, as they will consider it less risky. In fact, you can buy a home even in a place like New York with less than 20% down payment. In fact, many condos will allow you to make a 10% discount (and sometimes less if you're FHA approved).
And there's no fixed amount required for a single-family home. It's about what the bank is comfortable with loans and what the seller is comfortable accepting. The standard down payment for a New York City condo is 20%. That said, some condos will be less accepting and not all condos have a minimum down payment requirement.
Some new developments in the city will accept payments of 10% or, in exceptional cases, even less. This loan program, guaranteed by the Federal Housing Administration, determines a borrower's minimum down payment for a home based on financial and credit ratings.
