10% Down payment required as of February 15th, 2016

Buyers will need to put a minimum of 10% down when buying real estate after February 15th, 2016.  If you are purchasing a home priced at $500,000.00 or less it remains unchanged at 5%.  Any amount over $500,000.00 will be at a 10% rate.  For example, a $685,000.00 home will now require 5% up to $500,000.00 and 10% for the $185,000.00 balance.  The total amount needed is $43,500.00 instead of the previous amount of $34,250.00, the difference is an extra $9,250.00