Myths Shattered, facts revealed. Unveiling the truth.
22 Jul 2024 · 0 min
0:25
In this brief informational segment, the speaker contrasts conventional mortgages with government-backed loans, focusing on a common misconception that a 20% down payment is required for conventional loans. The speaker clarifies that while a 20% down payment can eliminate the need for private mortgage insurance (PMI), conventional loans are actually available with much smaller down payments—sometimes as low as 3%—and explains the role of PMI when the down payment is below 20%. The segment aims to debunk the myth and provide factual guidance for prospective homebuyers.
