Do I need a 10% minimum down payment on a new primary residence?

[Jose Rocha]

Hey everyone! My wife and I are planning on buying our next primary residence and converting our current primary residence to a LTR.

We will be developing a lease agreement to have the ability to purchase our new primary residence. Is there a minimum down payment we need or will this new primary residence be seen as a first home purchase and we can use a FHA loan or perhaps a 5% down payment using a conventional loan (which we did on our first primary residence).

I hope I am asking the question correctly. I look forward to your advice and suggestions! Thanks!!