CORE broker John Harrison hears this type of question frequently, and says there are a couple of issues at play here.
“The first problem is that buildings may be more restrictive than lenders. Even though a bank may provide 90 percent financing, it doesn’t mean a building will. Many require at least 20-25 percent down,” he says.
The other problem is that you have not accounted for closing costs. “These can eat up a significant chunk of change and are needed in addition to the down payment,” he explains.
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