- Thrive Mortgage Co.
How Much Do You Need For A Down Payment?
Your minimum requirement for down payment as a first-time home buyer is 5%. That can come from a variety of sources such as a gift or RRSPs. It's 5% to the first $500,000, anything above $500,000, you will pay 10% of just the balance.
So, for example, $600,000, you're going to pay 5% up to 500, which is $25,000. You'll pay an additional $10,000 on the top. If you're purchasing a property, that's over $1,000,000, you have to pay 20% of that. So that's $200,000
Who could a gift come from?
This would have to be an immediate family member. That's the only exception. So this could be from your grandpa, or grandma, brother, sister, or parents. if you're looking to
What about using money from the RRSP?
$35,000 is the max that you can borrow from your RRSP account.
A lot of people also don't realize that there still are some foreign downpayment programs. Let's assume for example, you have a medical student line of credit where you have $100,000 available and you don't have any money for down payment. In some circumstances, there are programs where you can utilize a portion of your down payment from the line of credit to help you put the money down and the other sources that you can think of for downpayment. This includes your personal resources or your personal savings. This is most commonly where downpayment comes from so keeping track of where you're saving your funds is going to be key.
That's about everything you need to know to get started with down payment. So if you guys have more questions, you know how to reach us below!
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