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What is the minimum down payment needed to purchase a home?

July 10, 2018

The minimum amount you’ll need for your down payment depends on the purchase price of the home you’d like to buy.

If your down payment is less than 20% of the price of your home, you’ll need to purchase mortgage loan insurance.

Requirements are variable In some cases. For instance, if you are self-employed or have a poor credit history, you may require a larger down payment or to have mortgage loan insurance even with over 20% of the purchase price for your down payment.