As of February 16th, 2016 the minimum down payment requirement for purchasers could increase by as much as 1/3 or more. As of now, the minimum deposit requirement is 5% of the purchase price of a home, but with these new changes purchasers will be required to pay another 10% on the remaining balance over $500,000. However, these rules will not apply to purchasers spending less than $500,000 on a home.
For full details on the new rules and how they will affect you please click here.
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