Many home buyers who wish to buy a property will save their down payment for years in advance. Once some money has been collected, it's important to know how much is enough. Knowing when to stop saving and when to start buying is a multi-step process that takes research.
How much is needed for a down payment?
The minimum down payment for a house of $500,000 or less is 5 percent. For homes that cost over $500,000, the down payment must be 5 percent of 500,000, plus 15 percent of everything over $500,000.
How do you know if you have enough?
In addition to the amount that the home buyers have saved for their down payment, home buyers must also meet minimum debt to income qualifications. The best way for many home buyers to find out whether…