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The only, I mean only reason people put 20% down is to avoid PMI. That's it. Ok, so you put 20% down under the assumption you have some equity in your new house but, if the house has already lost money, that defeats the purpose. I say put as little as possible, focus on the better interest rate and jump in when the market shows signs of improving. Why blow $60k, for example when you can use that for emergency funds????
Even if you put $200k cash down on a $300k house, over a thirty year mortgage coupled with taxes, you're getting raped.
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