Ask the Real Estate Expert – Francesco De Frenza
BUYER MORTGAGE UPDATE
The Department of Finance is raising the minimum down payment required when purchasing a home. Here’s how it will look:
– $0 to $500,000 requires minimum 5% down payment
– $501,000 to $700,000 requires 7%
– over $700,000 requires 10%
This is being implemented February 15, 2016, and it certainly starts some interesting conversations.
Many first time home buyers would be unaffected by the changes, but there’s certainly a number of potential purchasers that might have to rethink their strategy or how much they are getting from the bank of mom and dad.
More to come on this I’m sure, I’ll keep you posted.
SELLERS NEEDED….DO YOU KNOW WHAT YOUR HOME IS WORTH? I DO!!!