How Much Down Payment Do I Need?
- Now there are THREE ways to look at this.
- Are you looking to purchase your next property as the rental property? Or
- Are you looking to purchase your next property that has a rental component in which you will occupy one unit yourself? Or
- Are you looking to turn your current home into the rental property and purchase your next property as an owner-occupied home?
- If you are buying a property for the purpose of an investment, 20% of the purchase price is required as your minimum down payment.
- If you are planning on moving into the property as your owner-occupied home, you will require the minimum 5% down on the first $500,000 & 10% on the next $500,000, up to $1,000,000.