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How much do I need for a down payment?

Mortgage Advice

September 10, 2024•1 min read

Most home buyers think that unless they are a first time home buyer that they are required to have at least a 20% down payment. This is a MORTGAGE MYTH! It is important to understand your down payment options:

- If the purchase price is under $500K and is owner-occupied then a minimum down payment of 5% is required (even if you are not a first time home buyer).

- If the purchase price is under $1M and is owner-occupied then a minimum down payment is calculated based on 5% of the first $500K and 10% on the remaining amount up to $999,999.

- If the purchase price is over $1M or is a rental property, then a minimum down payment of 20% is required.

Leanne Funston
The Place To Mortgage - Mortgage Alliance
📧 [email protected]
☎️ 250-320-5514
🖥 www.leannefunston.ca

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Leanne Funston

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Erin B. & Kodi N.
100 Mile House

I highly recommend Leanne. We just bought our first home and has been absolutely fantastic. Leanne had answers to every single one of our questions and is super patient. She walked us through step by step and really help calm my anxieties about buying. She got us a great mortgage rate. I have nothing but good things to say about Leanne, she’s amazing!

Chapail Rua - Quesnel

I was purchasing a property on my own without any experience
and Leanne walked me through every step with grace and professionalism. She was very responsive and informative and sought out the answers to my questions if she didn't know off hand. She was also very patient with me as I went through the emotional rollercoaster that purchasing property can be. I am very grateful for her help and I highly recommend her.