Conventional wisdom says that you need 20%as a down payment on a house. However, home buyers can usually put 5% or even 3.5% down if they arrange a U.S. Federal Housing Administration (FHA) loan on a 30-year fixed-rate home mortgage. Note that 3.5% FHA down payments are usually capped at $417,000 for home mortgage loans, although there are exceptions to that rule depending on location. Many bank loans also often approve loans up to $417,000 with 5% down. If the loan is larger than that, lenders will usually ask for another 5% down.
Introduction
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Your First Big Job: How to Get It
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Flourishing in Your Job and Well-Being in Your Life
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The Importance of Behavioral Economics
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What is Money?
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Analyzing Your Current Financial Situation
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Budgets and Saving
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Credit Cards, Auto Loans, and Other Personal Debt
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Student Loans
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Understanding the Time Value of Money
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Banks and Financial Institutions
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Buying a Home
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Insurance: What Do You Need?
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Investing Fundamentals
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Investing in Mutual Funds
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Saving for Retirement
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Fiscal Policy and Monetary Policy-Government Intervention in Your Life
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