Looking to buy a condo and have been told that i need to put 25% down?

It's impossible to advise you with so little info.. First,, you don't need 25% down for a condo purchase.. Conventional requires 3% if you are a first time home buyer, otherwise it's a minimum of 5%.. VA is zero down, but you must have VA benefits available to you.. FHA require 3.5% down.. This is all assuming that the project meets minimum lending guidelines.. If you want to avoid paying mortgage insurance, then 20% is required, but 25% is preferred.. If the project is "non-warrantable".. then you are stuck with private money.. If you end up with private money then expect larger down payment requirements, higher interest rates and higher fees... As far as the rate and fee's quoted to you.. again, much more info needed to advise you.. The best advice I can give you is to contact a mortgage bank/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

I am assuming that this is an investment property? If not then you will not need 25% Florida has a rule about condo's and wants more down than usual because of the market years ago. Feel free to reach out to me. ~Pamelawww.mortgagesbypamela.com

There isn't enough information here to give you a great answer. Condo's, especially in Florida are considered high risk because of all the foreclosures 10-years ago. I'd suggest you simply contact a second lender, preferably a mortgage broker in that area for a second opinion after you've given them a complete application.