Down Payment
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Most home loans require some sort of down payment. Depending on the terms of your loan, you may be required to make a down payment between 3% and 20% of the home's sale price. Three percent is considered a low down payment. Loans with down payments of less than 20% usually require private mortgage insurance (PMI).
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Qualifying for a Low Down Payment
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To be considered for a low down payment mortgage, you generally need to have the following: |
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