How To Purchase Property Without 20 Percent Down Payment.

A 20% down payment is not necessary for a principal residence, only the minimum required down payment of 5% on the first $500,000 and 10% on the remaining amount up to $1 million. For properties over $1 million, a 20% down payment is required. For a second home or property for a child studying out of town, a 10% down payment is required if the property price does not exceed $1 million.