Department of Finance May Mandate Higher Down Payments
According to an unidentified but high level lender source connected to the Department of Finance recently stated that the department may recommend that the minimum down payment be increased to 10%. Policy makers are reportedly considering implementing a graduated scale based on either home value or mortgage amount that would look something like this:
$0 to $500,000 requires at least 5% down
$501,000 to $700,000 requires at least 7% down
Over $700,000 requires 10% down
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