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 home purchase price is $500,000 or less, the minimum down payment required is 5% of your purchase prices.
- If your home purchase price is between $500,000 to $999,999, you are required to have 5% of the first $500,000 of the purchase price plus 10% for the portion of the purchase price above $500,000 for your down payment.
- If your home purchase price is over $1 million, you are required to have 20% of the purchase price of the down payment.
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.