As a foreign buyer how much down payment for purchasing a one bedroom condo in Manhattan?
There is no one defining answer to this question, yet through our successful experience with helping foreign United States buyer's with their purchase of a Manhattan condo we have a certain idea of what is expected.
As a foreigner purchasing a condominium in Manhattan obtaining a mortgage through a US bank will require a certain commitment both in providing the bank financial documents they require along with the down payment requirement to purchase the apartment.
On many websites with properties, you may see depending on your research that most condominium buildings only require a 10% down payment. This may be true for the building's criteria, but it will be much more than 10% when it comes to the bank's criteria. It is the banks criteria when they are providing the mortgage that ultimately matters. The amount of down payment depends on a number of factors:
Type of Loan
Borrower's Financial Profile
The building you are interested in
Until you have started the loan process, the bank will not be able to quote you their estimation for the down payment, but expect the down payment to be no less than 30% of the total amount of the purchase.
If you are a foreigner looking to purchase a one bedroom condo in Manhattan the down payment will be around 30% in our past experiences, but could very easily reach 50% depending on the factors I listed above.
Take for example a 1 Million USD purchase, not factoring in closing costs and the other bank requirements you would have to put down payment of at least $300,000 USD.
Again, this is just an example of how muchforeign buyer need to prepare for down payment for purchasing a one bedroom condo in Manhattan. The first step to take is to contact us and ask us so we can have a conversation about what are your criteria in home search and we can give you a better idea of availability and the purchase process.
Call us at (917)837-8869or email us at (Morgan.Evans@elliman.com) in detail or what you are looking to purchase.