Many amateur property builders are unsure how a lot they should pay for property or land which they want to develop to make a revenue. Particular person co-ops and condo communities could have their very own internal down fee requirements, though these are extra frequent (and often more stringent) with co-ops. In some cases, co-ops require a minimum of 20% down plus adequate cash reserves after protecting all closing costs. Money reserves are cash you have got in financial savings, checking and funding accounts after closing. These necessities will vary in keeping with the co-op or condo improvement you’re working