Whether you are a first time home buyer, or purchasing for another time, and are using the home for principal use, the minimum requirements are:
- From $0-$500,000 = 5%
- From $500,000-$999,999 = 10%
- Any properties valued $1,000,000 or greater, an automatic 20% downpayment on the entire amount is required
Purchase Example #1:
Purchase price of $750,000: $25,000 on the first $500,000 and $25,000 on the next $250,000 = a minimum downpayment of $50,000.
Purchase Example #2:
Purchase price of $1,200,000: automatic 20% = $240,000 required.
If you are purchasing the property as an investment, all lenders will require 20% as a minimum for down payment.