View Single Post
Old 12-01-2016, 06:49 PM   #4
Mortgage Made Easy
Scoring Winger
 
Mortgage Made Easy's Avatar
 
Join Date: Sep 2014
Location: Calgary, AB
Exp:
Default

Quote:
Originally Posted by lazypucker View Post
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.
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.
__________________
Thanks,
Tim Lacroix | 403-648-1541
Mortgage. Made Easy Experts
Mortgage Connect
www.TimLacroix.com

If you have any questions please feel free to PM me or email forums@timlacroix.com

Click here to View current Mortgage Rates

Mortgage Made Easy is offline   Reply With Quote