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Housing Market Crash

Find Financial Assistance for Your Down Payment

Home ownership is still the American dream, but the large down payment many lenders require to issue a mortgage is making buying a home more of a dream than a reality for many potential buyers.To avoid paying private mortgage insurance (PMI), borrowers tend to need to put down 20%. On a $300,000 mortgage, that amounts to $60,000. Once closing costs are added to the mix, buyers can be facing paying around $80,000 out of pocket to avoid PMI.However, first-time buyers and those who haven't purchased a home in three years can find down-payment assistance through government and non-profit agencies scattered across the country."About 90% to 95% of buyers don't realize they might be eligible for down payment assistance," says Rob Chrane, president of Down Payment Resource, an Atlanta-based company that helps connect customers with down payment assistance. "It's not really widely known."To be eligible for assistance, buyers have to meet certain requirements: either income, home location or are...

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