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First, you are both very smart for wanting to avoid mortgage insurance. You have also done exactly what needs to be done to do so, and that is having 80% LTV (Loan to Value) with the property which is acheived with the 20% gift of equity.Second, you would not need to come up with an cash down but you would need to pay for closing costs. Which you can estimate at roughly 2-3% of the purchase price (before gifted equity). Would this home be considered your primary residence or would it be an investment property?Third, you would just need to qualify for the loan based on credit scores, income, DTI, and so on and so forth.If you have additional questions or would like to inquire regarding the approval process feel free to reach me via my zillow profile.
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For Sale: $146,000
For Sale: $194,950
For Sale: $274,950