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