Downpayment Basics Part 1: How Much Money Do I Need?
Owner-Occupied Homes Minimums: The federal government, through the mortgage insurers, sets the minimum for downpayments. For a house that is owner-occupied (Ie. the person buying it will live in it) the rules are as follows: 5% down for the first $500,000.00. For example, a $400,000.00 home would require $20,000.00 downpayment. 10% down for any additional … Continued