top of page

Down payment have you stumped?


Minimum down payment requirements...


5% for the first $500,000

and

10% on the difference between $500,000 to $999,999

_________

โœ… example you are purchasing a home for $846,000

$25,000 - $500,000 x 5%

$34,600 - $346,000 x 10%

๐Ÿ’ฒ ๐Ÿ’ฒ ๐Ÿ’ฒ ๐Ÿ’ฒ ๐Ÿ’ฒ ๐Ÿ’ฒ ๐Ÿ’ฒ

$59,600 - is your total down payment for a purchase of $846,000

_________

For properties over $1 mil the calculation is dependant on the Lender.

_________

One of the questions we are often asked is in regards to minimum down payment on a second home.

_________

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.

_________

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


#GetTheEdge

__________________________

๐Ÿ”ถ Committed to providing you with education

๐Ÿ’ก Work for you not the #bank

๐Ÿ’ฒ Providing you with solutions, with experience and knowledge

8 views0 comments

Recent Posts

See All
bottom of page