Potential Condo Buyers May Have an Advantage in 2015

Dec. 19, 2014 — If you're looking to buy a condo, boy does Freddie Mac have some good news for you. Brickunderground.com reports that the mortgage giant's new loan program, called Home Possible Advantage, will let potential condo buyers borrow up to 97 percent of an apartment's value — which means it's beginning to look a lot like a down payment of just 3 percent. Brickunderground.com did the math for you: "to buy a $500,000 apartment, for example, you'd only need $15,000 in the bank instead of a whopping $100,000." Best math ever? Not for potential co-op buyers, unfortunately. The program, which goes into effect March 23, is "only available for condos and single-family houses." Just as well, really, since co-ops often require a 20 percent down payment at least.