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Ever Had This Question?
I'll bet you've had this question dozens of times, especially when a buyer is receiving a mortgage through the FHA (Federal Housing Authority). I was brought up with the notion that you had to have a 20% down payment when purchasing a home. That and, 1 weeks pay = 1 months rent/mortgage. Those days are long gone especially for 1st-time buyers. 
Some lenders will allow lower down payment loans for conventional loans but will charge a higher interest rate. Either way, if you are a buyer make sure you understand what PMI is.
Here is a good graphic and information put out by the folks at KCM
 
 
What Is Private Mortgage Insurance (PMI)?   When it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. With the large number of mortgage programs available that allow buyers to purchase homes with down payments below 20%, you can never have too much information about Private Mortgage Insurance (PMI).
What is PMI? Freddie Mac defines PMI as:
“An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, that is required for all conforming, ... more

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