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Do I really need a 20 percent down payment for a house?

The article from Local12 discusses the traditional guideline of making a 20% down payment when buying a house, which helps avoid private mortgage insurance (PMI) and can lead to better loan terms. However, it also highlights that many buyers today opt for lower down payments, with options as low as 3% or even 0% for certain loans like VA loans. The piece explains that while a smaller down payment can make homeownership more accessible, it results in higher monthly payments and more interest paid over the life of the loan. It also touches on the importance of considering one's financial situation, including savings for emergencies and other costs associated with home buying, before deciding on the down payment amount.

Read the Full Local 12 WKRC Cincinnati Article at:
[ https://local12.com/money/mortgages/20-percent-down-payment-for-house ]