Down Payment
Legal definition for Indian law research
Definition
down payment
the portion of a home's purchase price that is paid in cash and is not part of the mortgage loan. This amount varies based on the loan type, but is determined by taking the difference of the sale price and the actual mortgage loan amount. Mortgage insurance is required when a down payment less than 20 percent is made.
Source: U.S. Department of Housing and Urban Development
Definitions are for legal research. Always verify meaning in the context of the statute, judgment, or jurisdiction cited.