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Minimum Down Payment |
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What is the minimum a person can put down for a new house. |
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A qualified veteran can get a VA-guaranteed mortgage with no down payment at all. An FHA-insured mortgage requires less than three percent of purchase price. Other kinds, known as conventional mortgages, are considered safe if there's a 20 percent down payment, but private mortgage insurance and other plans sometimes cut that down to 10 percent.
In all these cases, though, other closing costs are also required of the buyer-borrower.
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Edith
Originally published on July 24, 2008 |
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