01
Minimum for an eligible purchase
For a home below $1.5 million, the common minimum is 5% of the first $500,000 plus 10% of the balance. At $1.5 million or more, the minimum is generally 20%. Some applications require more.
02
Document the source
Keep records of savings, investment withdrawals and any permitted gift. Large transfers may require an explanation and supporting records.
03
Keep money for closing
The deposit is part of your down payment, not an extra purchase price charge. Taxes, legal work, adjustments and moving costs are separate budget items.
General information only. Product availability, eligibility and conditions vary by lender and application.