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| Getting the proper mortgage is one of the most
important decisions that most people will ever make. There are many options.
The following pages are written to help in understanding the process. The
three major types of mortgage loans are
Conventional,
VA and
FHA. Down payments
are generally 5% to 20% of the cost of a home. Buyers borrow the remaining
80% to 95%. The amount you are eligible to borrow is, mainly, determined
by the size of the monthly payment you can afford. Normally, your lender
will not allow your housing payment to exceed 25% to 33% of your gross monthly
income, including payment of principal and interest, and may limit all long-term
debt payments to 36% to 38% of your gross monthly income.
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