10 Ways to Pull Together the Down Payment for a Home
Where can you find a huge wad of cash for the down payment on a new home? MoneyTalksNews has some suggestions.
If a home purchase is in your future, now is the time to start saving for the 20 percent down payment you probably need.
Of course, you can buy a home with less than 20 percent down. The Federal Housing Administration has lowered down-payment requirements for mortgages it insures to as low as 3.5 percent to make it easier for buyers to get into the market.
But if you contribute less than 20 percent down on a home purchase, you’ll be required to buy private mortgage insurance, or PMI. PMI protects the lender from the chance you’ll fail to make your payments.
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