Did you know that most lenders have a “sliding scale” for purchases that are over 1.25 million dollars??
Most of our buyers believe that if you are purchasing over 1 million dollars you need 20% down… Which is true, until you hit the 1.25 million dollar mark. At that point you will have to put more than 20% down. The sliding scale differs with each lender, but the majority of them will lend up to 80% of the first 1.25 million and then up to 50-60% of the price above 1.25 million.
For example: You are purchasing a home for 1.6 million dollars. The down payment required would be $425,000.
$1,250,000 x 20% down payment = $250,000
$350,000 x 50% down payment = $175,000
Total = $425,000
If you are looking within that price range, contact us!!