Putting 5% Down on a Condo Purchase
Many buyers and realtors are stunned when they hear the answer to this question and the answer is –YES, you can!
Yes, you can finance a condo with only 5% down through Guaranteed Rate. Guaranteed Rate is a Chicago-based mortgage brokerage that currently has a 5% down payment option available to Chicagoland home buyers who are purchasing a condo as their primary residence. Not every lender is able to offer this option to clients purchasing a condo, but Guaranteed Rate can.
This is a nice alternative for people looking for lower down payment options who cannot find a property they want that is FHA approved. It gives buyers the opportunity to expand their home search beyond FHA approved condo buildings. By increasing the scope of the property search the buyer will ultimately find the perfect home that suits their needs.
Like any other loan program, a buyer must meet certain parameters to be eligible for this program. If you are currently interested in purchasing a condo and have limited funds for the down payment, please feel free to contact me to see if you qualify for the 5% down payment program.