In the current Richmond market lenders have become more conservative in lending for condos. Most lenders are requiring a minumum of ten percent down on condo loan because of the gut of units available.
The best way to finance a condo is using an FHA loan which only requires a three and one-half percent downpayment. Not all condos are eligible for FHA. Only those that have sold over fifty percent of the units and meet other requirements are eligible.
The link below details all of the Richmond area condos that are currently eligible for an FHA loan: https://entp.hud.gov/idapp/html/condo1.cfm. Enter Richmond or any city that interests you.
Buying a home using an FHA loan is a great deal in this market. If you can put down just 3 1/2%, get the seller to pay your closing costs, and get an $ 8,000 tax credit for first time buyers (must close before 11/30/09) you could actually buy with no net cash out of pocket and own your own home instead of renting.
Kerry Riley. http://kerryriley.com/. Kerry@kerryriley.com.
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