What happens if I put less than 20 percent down?

You'll carry mortgage insurance. On conventional loans that's PMI, which you can cancel at 20% equity; on FHA it's a premium that usually lasts the life of the loan. Your rate may also be marginally higher.

Putting less down still gets you into the home and keeps cash available. As your Florida home appreciates, you can drop PMI sooner. We'll show the added cost and when it goes away.

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