Minimum Down Payment
As of February 15th, 2016, homes up to $500,000 require 5% minimum down payment.
For homes between $500,000 and $1,000,000, the minimum down payment is equal to 5% of the first $500,000 plus 10% of the remaining home price.
You can easily calculate this value by clicking on the down payment row in the purchase calculator., then choosing “Other” and set it to “Minimum down payment”. This way the app will calculate the minimum down payment every time you change the home price. It’s that easy.
How to Calculate your Minimum Downpayment
Inside the purchase calculator after setting the purchase price, tap on Down Payment, then tap on “Min.”
You can also manually input your Down Payment by % or by dollar amount.