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Most lenders nowadays want to see 20% down. You might be able to get away with 10% plus closing costs, especially if the house appraises well above the purchase price.
As an aside, you should still have at least six months of expenses (based on the new expense model after the purchase is complete -- mortgage, taxes, insurance, maintenance, plus your other costs) in cash _after_ you close the purchase of your new house.
Lots of people use up their emergency fund as part of the down payment. Emergency cash is for emergencies and should not be used for down payments.
So we are looking at a house listed for $700k and have $40k in savings. Are there any mortgage options for me?
The state is Nj and my credit is excellent.
Thanks.
Sending you a DM
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