Minimum down payment requirements...
5% for the first $500,000
and
10% on the difference between $500,000 to $999,999
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✅ example you are purchasing a home for $846,000
$25,000 - $500,000 x 5%
$34,600 - $346,000 x 10%
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$59,600 - is your total down payment for a purchase of $846,000
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For properties over $1 mil the calculation is dependant on the Lender.
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One of the questions we are often asked is in regards to minimum down payment on a second home.
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If it is a purchase for Owner Occupied home or a home that a family member will be living in then the minimum down payment above applies.
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If you are purchasing and plan to rent the home, then minimum down payment will be 20% of the purchase price
Reach out to your trusted #Mortgage Broker to answer all your Mortgage financing questions
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