CAN I PUT 5% DOWN?
Can I put 5% down? Do I have to be a first-time buyer? What are the rules? What are the restrictions?
Let’s over some key factors.
To put down 5% it must be your first home, home for you, or a second home for a family member. It’s not meant to be for rental. You don’t actually need to be a first time buyer to put down 5%.
The purchase price must be under $500,000. Any purchase prices from $500,000 - $1,000,000 you can put down 5% of the first 500 which is $25,000 and then you put down 10% of the amount up to $999,999. As an example, if you’re buying a property at $700,000 that would be $25,000, which is 5% of the first 500, and then an additional $20,000 (10% of the $200,000) which is $45,000.
So again, 5% down is for anyone whether it’s your first or second home as long as you qualify.
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