Quote:
Originally Posted by lazypucker
Hello, I have a question about down payment.
I am planning to get married and both myself and my fiance each own a condo (hers has paid off more than mine, we both have remaining mortgage balances).
We are thinking of buying a house together, but still want to keep the 2 condos as rental properties. What will be the minimum down payment requirement for the new house purchase? Is it the same 5% for first $500k and then 10% after, etc? Or will it be looked at as buying new rental properties and require something like 25%-30% down payment? How do the mortgage qualification calculations work for our situation?
Thank you.
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Hi Lazypucker...
I've already PM'd you but I thought I would post on here that this NEW purchase can be purchased with a minimum of 5% down payment. And as you have mentioned, it is 10% on the balance over $500,000 up to $999,999 purchase price.
Over $1M, the minimum down payment is 20% or more depending on purchase price, lender, area etc. Sliding scales may apply.