WHAT IS THE MINIMUM DOWN PAYMENT TO BUY?
The minimum down payment needed to purchase a property is varies depending on the purchase price.
When buying an owner-occupied home:
For any purchases between $1 – $500,000, the minimum down payment is 5%.
Amounts on purchases between $500,001 – $999,999, the minimum down payment is 10%.
For any purchases over $1,000,000, the minimum down payment is 20%.
When buying rental properties, the minimum down payment is 20%.
Let’s say you purchased a home for $729,900. What is the minimum down payment required?
5% on the first $500,000 = $25,000
10% on $229,900 = $22,990
Total down payment = $47,990
