If you are buying a home to live in (not for renting out), Down Payment if you qualify is 5% for properties worth $500,000 and below.  This is true even if it’s your 2nd, 3rd or 4th home etc. As long as you are buying to live in it.

If the property costs more than $500,000 then your down payment has to be 5% of the first $500,000 and then 10% of anything above $500,000.

For example for properties worth $600,000 then it’s 25,000 for the first $500,000 and then 10,000 for the $100,000 above $500,000.

Downpayment for $600,000 is $35,000 and if the purchase price is $700,000 then it’s $45,000.  If the property is worth $1,000,000 or more then the down payment has to be 20% or $200,000 for a home worth $1,000,000.

I am Bernadette Laxamana, President of Karista Mortgage. We help you get a great mortgage and use it to build wealth.

DISCLAIMER: The information in this post is solely advisory, and should not be substituted for legal, financial or tax advice. Any and all decisions and actions must be done through the advice and counsel of a qualified attorney, financial advisor and/or CPA. We cannot be held responsible for actions you may take without proper financial, legal or tax advice.

Karista Events & Workshops

We offer FREE educational events and workshops for First-time Home Buyers, Real Estate Investors, and a lot more!

Although we currently don’t have any scheduled webinars, we have an exciting opportunity for you to access our on-demand webinar recording. To get your hands on this valuable resource, we invite you to book a Quick Call with one of our Mortgage Strategy Managers. They will be delighted to assist you. Simply click here to schedule your call.

What: FREE Real Estate Investing Workshop
When: TBC
Time: 2:00 PM to 4:00 PM Pacific Time
Where: TBC

Click Here to Register

What: FREE First-time Homebuyer Workshop (Online)
When: TBC
Time: 2:00 PM to 4:00 PM Pacific Time

Click Here to Register

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