I am interested in a $1.2 million house in the Los Angeles area.  I have $130k in cash for down payment, my annual income is $220k and credit score is 821.  The lender I spoke with says that I have to put 20% down, otherwise I cannot qualify for a loan.  Is that correct?  I know they used to do 80/10/10 – is that not available in the current market conditions?

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Filed under: Real Estate

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