Forum Archive: Posts by: poorgirl

I am from CA and newish to Brooklyn. I am wondering if it is still possible to get 95% financing from banks. Lending laws have obviously been getting stricter and I have heard that NY is particularly tough.

My husband and I make $180k, have excellent credit, plan to be here a few years at least, and would love to buy a 1 bedroom condo in Park Slope, Boerum Hill, Ft. Greene, etc. Do we have a chance with only 5% down or do we need to wait and save at least 10%?

And, if the bank will finance us, will a seller or developer sell to us with only 5% down?

(and yes, separate from the 5%, we have money for closing costs and emergencies)

Thanks!