Figuring Out How Much Money To Put Down For A New Home
If you cannot manage the required 20%, the PMI is your best option. Just remember that once you reach the 22% equity on your house, you can get your lender to cancel the insurance.
Alternatively, you can apply for an 80/10/10 loan. This way you finance 80 percent of your purchase price through a first mortgage, 10 percent through a second mortgage, and the final 10 from the down payment. You can also apply for a government-insured FHA loan. You will have to pay for insurance, but you could walk away with a down payment of as little as 3%.
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