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What is the minimum down payment I need to purchase a home?

April 26, 2017down payment Home minimum purchase

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What is the minimum down payment I need to purchase a home?

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A. Due to recent regulatory changes, the minimum down payment to purchase a home is now 5%, subject to maximum price restrictions. In addition to this 5% you must also be able to confirm that you have the funds available to cover any related closing costs (legal fees, appraisal fees, survey certificates etc.) Regardless of the amount of down payment you give, you will need to show that at least 5% is from a cash resource or a gift from a family member and not borrowed.