You can purchase an additional property with as little as 5% down as long as:
- you intend to live there as your primary residence (ie. keep your existing property as a rental and move in to the new home)
- you intend to use it as a second home (ie. vacation property, home in another city you commute to for work)
- you are purchasing the property for a dependent family member (ie. parent, child, grandparent)
- you are purchasing the property for a child attending school
You will need to have at least 20% down if you are purchasing another property to use as an investment property. (ie. rental)
Before you go forth and build your empire, here are some things to consider 🙂
