Co-op/Condo approved SONYMA loan

IDK re coops, but remember that condos have only a right of first refusal, i.e. the right to insert themselves instead of you into the purchase contract and execute it on their own behalf. This right is very rarely invoked, in part because the condo board has very limited time to raise the funds.

For a condo or single-family, the question around any sort of financing is whether the seller is confident that you'll be able to close your financing, which then leads to discussion of how much earnest money and whether/how you can get the earnest money back if you don't get financing.

BTW, be careful if 3% is all you have. You might not be financially ready to buy a home. Can you handle a big emergency expense in your personal life or in the building? There could be a big assessment for an urgent repair, which could easily be more than 3% of the value of the home. I recently looked at a building that put through a major assessment for new air conditioning throughout. While some buildings will allow payment plans, you could be foreclosed if you don't pay, and at the very least you will be subject to late payment penalties.

George is right. I would keep 3-4 percent of apartment value in reserve post closing for emergency assessments, job loss etc.