A borrower using a conventional mortgage will have to put up at least a 20 percent down payment or purchase private mortgage insurance.

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This is because conventional mortgages are not insured by the government, and lenders require a down payment of at least 20 percent to minimize their risk. If a borrower cannot make a 20 percent down payment, they may have to purchase private mortgage insurance (PMI) to offset the increased risk for the lender.

A Borrower Using a Conventional Mortgage Will Have to Put