The federal government just changed the minimum down payment amounts required for government insured mortgages (mortgages with less than 20% down).  The information below illustrates these changes.

As of February 15, 2016, mortgages will require the following down payments:

  • homes up to $500,000 will only require a 5% down payment
  • homes between $500,001 and $1,000,000 will require 5% on the 1st $500,000 + 10% on remainder
  • homes over $1,000,000 will require 20% down payment

Examples:

  • Buying a $400,000 home still requires $20,000 down payment
  • Buying a $700,000 home will require $45,000 down payment ($10,000 more than previous)
  • Buying a $1.500,000 home will require $300,000 down payment


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