The ideal down payment for purchasing a home is 20%. However, I know in today’s market that it’s not always possible. Therefore, if you have less than 20%, you must account for default insurance.
Did you know?
If the purchase price is less than $500,000, the minimum down payment is 5%.
If the purchase price is between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000, and 10% of any amount over $500,000.
For properties valued at or over $1M, you must have a minimum down-payment of 20%.
