HOW MUCH YOU NEED FOR A DOWN PAYMENT
Thursday Jan 28th, 2021
𝑾𝒉𝒂𝒕 𝒊𝒔 𝒂 𝒎𝒊𝒏𝒊𝒎𝒖𝒎 𝒅𝒐𝒘𝒏 𝒑𝒂𝒚𝒎𝒆𝒏𝒕?
A down payment is the amount of money you put towards the purchase of a home. Your lender deducts the down payment from the purchase price of your home. Your mortgage covers the rest of the price of the home.
The minimum amount you need for your down payment depends on the purchase price of the home.
If your down payment is less than 20% of the price of your home, you must purchase mortgage loan insurance. (CHMC)
𝑻𝒉𝒆 𝒎𝒊𝒏𝒊𝒎𝒖𝒎 𝒅𝒐𝒘𝒏 𝒑𝒂𝒚𝒎𝒆𝒏𝒕 𝒃𝒂𝒔𝒆𝒅 𝒐𝒏 𝒕𝒉𝒆 𝒑𝒖𝒓𝒄𝒉𝒂𝒔𝒆 𝒑𝒓𝒊𝒄𝒆 𝒐𝒇 𝒚𝒐𝒖𝒓 𝒉𝒐𝒎𝒆, 𝒆𝒙𝒂𝒎𝒑𝒍𝒆𝒔:
Purchase price of your home Minimum amount of down payment
- $500,000 or less: 5% of the purchase price
- $500,000 to $999,999: 5% of the first $500,000 of the purchase price, then 10% for the portion of the purchase price above $500,000
- $1 million or more: 20% of the purchase price
Full Article here: https://bit.ly/36lMf7K