Quote:
Originally Posted by ken0042
What about for the portion over $1M?
Not that I'll be in that market anytime soon.
Edit- now I see that over $1M is 20% down.
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Down payment is minimum 20%. The down payment scales depending on purchase price and lender.
Example: a $1M purchase is 20% down payment. A purchase of $2M is going to be approx. 35%. There are exceptions to the guideline as it is based on overall assets and risk of covenant.