For those thinking about buying a home, one of the many ways that buyers need to prepare is by saving the down payment. Many new home buyers have questions about the down payment when they first begin to save. Knowing how much the down payment is, how much a buyer can expect to spend and what kind of home their down payment will buy can help any prospective buyer through the home buying process.
What's the Minimum Down Payment?
Home purchases often require a minimum down payment. Home buyers can put more than the minimum down, but they must meet the minimum in order to secure a mortgage. If the home is $500,000 or less, buyers expect to put down at least 5% of the purchase price.
If the home is between $500,000 and $999,999, buyers may be…