### Question
How does the law define downpayment?


### Answer
Under *12 U.S.C. § 1701x*, **downpayment** is defined as:

> the amount of purchase price of home required to be paid at or before the time of purchase

#### Citation:
  - *12 U.S.C. § 1701x*
  - Heading: **CHAPTER 13-NATIONAL HOUSING**

