Mortgage Tips: Down Payment Requirements

Minimum 5% down payment is required on the purchase of a home. This applies if you're a first time home buyer OR even buying your 10th home to downsize for retirement.

 

Purchases over $500k require 10% of the amount above $500k.

Example: $600k purchase price requires $35k down payment (5% of $500k + 10% of $100k)

 

Purchases of $1M or above require 20% down payment.

 

Rental properties require 20% down payment, UNLESS they are owner-occupied. For example: Owner lives upstairs and tenants rent a basement apartment, then 5% down payment is required.