The minimum down payment required is 5% for a purchase of up to $500,000.
For a purchase between $500,000 & $999,999, The down payment required is 5% for the FIRST $500,000 and then 10% on anything OVER $500,000 up to $999,999.
For example, a $750,000 purchase requires a minimum down payment of $50,000 not $37,500. $500K x 5% + $250K x 10% = $50K. If the purchase price is $1,000,000 or above, the minimum down payment is at least 20%.
Hope this helps. Feel free to reach out if you have any mortgage or real estate questions.
