5% down

Minimum is from 5%

Not 20% … !

Strictly speaking it is 5% for properties $500,000 and under

5% to 8% for properties up to $1M

20% for properties over $1M

Formula =the minimum downpayment is 5% for the first $500,000 of Purchase Price and increases to 10% for the portion over $500,000 only

Example:

Purchase Price $600,000

First $500,000 the minimum downpayment is 5% = $25,000

Portion above is $100,000 the minimum downpayment is 10% = $10,000

Purchase Price $600,000 has a minimum downpayment is $35,000

Subject to stress test qualification, including acceptable income and credit.