When buying an apartment in NYC, a buyer needs to put down about 10% of the property price as deposit/earnest money and more as a down payment at the time of closing.
Co-op financial requirements in NYC are stricter than the requirements for buying a condo and you might need to save much more than the usual 20% for down payment, to meet the financial requirement for a co-op board.
CEMA loans are available for people who want to refinance their mortgage (and sometimes to buyers) and allows them to save money on mortgage recording tax.
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