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Mortgage Advice, 10% or 20% Down?

I am a first time buyer and shopping for a mortgage.  I know about PMI if i put down less than 20%.  I have excellent credit and just under 20% down saved with little debt. (10k student loans)

My plan was to put 10% down and also pay closing costs out of pocket and not roll it into my mortgage.  I should have a decent amount left for furniture and small renovations. 

Are rates completely different when you put 10% vs 20% down on a conventional mortgage?

Should i go for an FHA mortgage?

Will I have a hard time getting a mortgage with 10% down? 

Thanks in advance! 
  • January 02 2013 - Smithtown
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Answers (3)

The rates should not be too different. You should not have too much trouble putting 10%. Please reach out to me for details in my profile if want to.
  • January 03 2013
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With 10% down Private Mortgage Insurance may not be implemented.  I have a buyer with only 5% down and he is not paying for PMI.  If the property that you are buying needs repairs, I would put as little down at first and you can always pay down the principle later.  Or you can use the down payment money to buy a rental property to bring you more income.  Call me if you want to chat about putting your money to work :)
  • January 02 2013
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The rates are really no different putting 10% vs 20% down.  The big difference is obviously the existence of mortgage insurance.  There are some ways though to manage that and keep you monthly payment lower.  If you have the 10% to put down, no reason to consider FHA.  Without knowing the rest of the story, hard to say if you will qualify.  If you would like to contact me through my profile, I can put you in touch with a licensed mortgage professional within my group that can help.
  • January 02 2013
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