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Is it still possible to buy with 10% or 15% down.

We entered a contract to buy a house from an estate for 500K. During inspection some structural damage was uncovered, and we were able to nagotiate an additional 15% discount for a new price of $425K. (this is downtown Jersey City – not Brooklyn)

However to do the work(min 30K), we would rather not put down 20%.

We have a mortage committment with 20% down at the higher price.
We went back to the bank and asked to put down 10% or 15% instead and even the loan oficer foresaw no problem. However mortgage insurer won’t insure our loan (pmi) because our credit score is below 720 (by a few points).

Before we start shopping around again, are we going to encounter this everyone. We are going to purchase this property regardless, but we would be much more comfortable not utilizing all our liquid assets to do so.

So am i just going to waste my time by shopping around.

Thank you.