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Bakersfield Buyer - October 4th, 2004 3:13 PM

What is the normal down payment procedure when purchasing an existing home with a 30-year fixed rate mortgage?


Celine - October 4th, 2004 3:11 PM

Usually 20% of the purchase price is customary. Although you could put less money for a downpayment, but expect higher interest rates if you do.


Don Taylor - October 4th, 2004 3:13 PM

First-time home buyers or home buyers buying in select neighborhoods may qualify for special loan programs through their local housing authority. The National Council of State Housing Agencies maintains a Web-based directory to help you find out whom to contact in your area.


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