Did you know…
You are not required to put 25% down on a condo. You may qualify with as low as 3% down.
When putting less than 25% down on a Condo, the condo goes through a “Full Condo Review”. See attached the checklist of what documents are required for the Full Condo Review. Realtors can obtain copies of the Condo Approved Budget for the current year from the seller upfront to assure the condo will meet the minimum 10% reserve requirement. Although additional information is required to pass the Full Condo Review, the budget is a good first step before going into contract.
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