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Down Payment Changes

Today the Federal government announced that starting February 15 the minimum down payment required will increase to buy a home priced greater than $500,000. You'll still pay 5% on the first $500,000 but you'll pay 10% down on the remainder for homes up to $1,000,000. Example: an $800,000 purchase price will cost you $25,000 down on the first $500k and $30,000 down on the remaining $300k to make the total down payment required $55,000. This will cause concern for those who've been planning on buying soon & spending over a half million. What do you think of this change?

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