Did I read this right???

There was some back and forth about that required deposit. I was going to ask if this is a financing strategy question (i.e., i want to use my cash elsewhere) or is someone buying or not buying due to the downpayment requirement. If the latter, I would question the wisdom of getting into one of the (very nice) most expensive buildings in Wmburg...unless they view the deposit as a call option premium (doubtful i would think given the re market outloook).

inonada, I would not be surprised if a significant percentage of the 3.5% down payments for many fha loans were in fact funded by other loans. Of course they are personal loans from family and/or friends. My Mom told me about how she and her co-workers/friends used to give each other personal loans for their down payments. Each would contribute 1 to 5K. Everyone always got their money back.

not sure that's legal.