Many of our international foreign buyers inquire about how much funds they have to prepare to purchase condo here in Manhattan New York. The most common question is How much foreign buyer have to prepare as down payment for purchasing one bedroom condo.
Morgan posted a blog post below with some fine details with some very helpful information for foreign international buyers.
We are the Manhattan New York condo specialists, we specialize helping foreign internationals purchasing Manhattan New York Real Estate, if you would like to purchase a condo here in Manhattan New York, please contact us at (917)837-8869 or email EHSU@elliman.com
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:
- Loan Amount
- 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 much foreign 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)837-8869 or email us at (Morgan.Evans@elliman.com) in detail or what you are looking to purchase.
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Morgan Evans is a Manhattan New York Real Estate specialist in neighborhoods such as: Greenwich Village, Soho, Union Square, Upper East Side, Upper West Side, Chelsea, Midtown West, Midtown East, Nolita, Lower East side, Financial District in Manhattan. Morgan specialize in working with international buyer, high net worth buyers, parents buying for children and investors buyers. Contact him today by calling (917)837-8869.Manhattan NY condos for sale
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Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)
We specialize in Manhattan New York Condominiums, townhouses, condops and cooperatives. We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate needs in private. Thank you.
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