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The Myth of the Mortgage Down Payment
Did you know that the median down payment for first-time buyers has been 6 percent for three straight years? If you answered no to this question, you are likely not alone. aAccording to the National Association of REALTORS® Aspiring Home Buyer Profile, 87 percent of non-homeowners indicated that a mortgage down payment of 10 percent or more is necessary. The Aspiring Home Buyer Profile also finds that eight out of 10 non-owners indicated that owning a home is part of their A ...
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