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You Don’t Need A Large Down Payment To Get a Mortgage

Many people are overestimating the down payment they need in order to purchase a home. Consumers believe they need 11 to 15 percent in order for lenders to approve them for a loan. Thirty-nine percent say they need at least 15 percent of the purchase price in order to qualify for financing. Only 28 percent of respondents say they would even qualify for a mortgage Did you know that there are loans out there that require as little as 5, even 3 percent down right now?