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My wife and I are first-time buyers looking for an apartment in a NYC neighborhood that seems almost entirely made up of co-ops (as opposed to condos). We first learned that down payments of 20% or more are usually required (by lenders? by co-op boards?) for co-op purchases. Luckily, our parents would be willing to provide most of the cash needed to meet this requirement, which we'd pay back to them over time. Now we're being told that there are usually restrictions about how much of a co-op down payment can come from a gift rather than our own savings. Does anyone have any expertise/experience in this area? Is there any way we could get around this?

Any help would be greatly appreciated.
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