A majority of condos sell to cash or conventionally financed buyers putting at least 25%. So not many people who don’t have cash or a large deposit to put down even explore condos when they start their home search.
Well buying a condo with financing without cash or a large deposit is possible. In fact, I recently closed a sale where the buyer only put 3% down. Yes, this buyer only had to put a low down payment of 3% down to buy a beautiful condo.
However, buying a condo with a low down payment isn’t always easy. It can take a lot of time and countless phone calls to verify if a condo will qualify for financing with a low down payment, but it can be done.
If you’re looking to purchase a condo, but don’t have much money to put down there is hope!