If buying a home is in your future, saving for the down payment could be your first hurdle.
Here, we've listed a few realistic tips, tricks, and hacks to get you started on your saving journey.
Now that you've taken the first steps and looked at your financial health critically, you probably have an idea of how much house you can afford. With that in mind, it's time to determine your down payment.
First, let's break down the down payment requirements:
- If the home you are buying is less than $500k, the minimum down payment is 5%
- If the home you are buying is more than $500k, the minimum down payment is 5% of the first $500,000 and 10% of the remaining cost up to $999,999
- If the home you are buying is over $1million, the minimum down