20% Down Payment?

Ron,

You are right. Mortgage loans are much more available than some people think.  They should talk with a lender to find out about the possibilities before they dismiss the idea of buying a house.

Ron,

You make an important point, because with interest rates still very low and little up front money needed, it is usually a good investment to buy a house.  

This is great advice.

My local market operates so dramatically differently, we typically have to advise our buyers that NYC is like no where else in the country. Co-op's represent the majority of the market- and most co-op's require at least 20% down payments (the co-op board requires this- not neccessarily the banks). Some buildings even require 35%, 40% or 50% down payments. There are a few liberal co-op's that allow for less than 20% down- but that doesn't mean a buyers bid will be competitive wih a lower down payment, especially since so many buyers are mostly or all cash.  Condo's are a smaller portion of the market, but most will permit 10% down payments- though again, it's rarely considered competitive.

As an agent, the relationships I have with bankers is essential, as different banks will offer very different products. The value of a good NYC agent is to be able to advise clients which banks are the most appropriate fit for their situation.