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Ask Shop Rate: Carol - Arizona

Posted by  on Apr 16, 2009
 
What lenders offer 3% or 5% down instead of...20%? Almost all lenders will do loans at 3% or 5% down payments as long as there is sufficient equity in the property to do so. If you are looking to purchase a home, down payments less than 20% will result in the addition of Private Mortgage Insurance (PMI). However, sometimes there are ways to avoid PMI. Contact the lenders directly for a more detailed explanation that is suitable for your exact situation.


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