Making a Large Enough Down Payment Calculate your “Loan to Value” ratio. Get a 3% Down Mortgage with No PMI. No one wants to have to pay private mortgage insurance (PMI) on a mortgage. 3.375%.5 points. Conventional does NOT have an anti-home flipping policy, which means conventional buyers are allowed to purchase homes that are being fixed up and flipped by investors with less restrictions. The conventional 3% down mortgage is helping many buyers obtain home ownership, who may have not been able to otherwise. Tags: only 3% down and NO PMI, purchase with 3% down and o mortgage insurance, The New 3% Down Conventional Loan Program With No PMI For Buyers This entry was posted on Monday, April 15th, 2013 at 12:49 am and is filed under Buy a Home With Only 3% Down Conventional Financing and No Monthly PMI , The 3% Down Conventional Mortgage With No. 3% down payment mortgage with no PMI. Adult children can qualify more easily when buying a bigger home they plan to live in with their elderly parents. Why 1 in 4 Homebuyers are Using FHA Financing to Purchase a Home! With today’s low mortgage rates, lenders are rolling out programs that make it easier for a home buyer to get accepted for a low downpayment loan. 2-unit homes, 3-unit homes, and 4-unit homes cannot be financed with the conventional 3% down mortgage. Some will not meet credit score minimums. Sign up for our newsletter. 3. In areas considered underserved, there is no income limit. Are co signers allowed on this program? In addition, the new loan program will allow borrowers to bypass private mortgage insurance (PMI) — a safeguard typically required for mortgages that exceed 80% of a home’s value. A new loan program requires just 3 percent down and no mortgage insurance. The 3 percent down mortgage is for single-unit homes only. How to Improve your Credit and Score Lower Interest Rates! 3% down payment mortgage with no PMI. I hear all the time from buyers who tell me they assumed they needed to save up 20% to buy a home without monthly mortgage insurance. Fortunately, borrowers don’t need to put 20% down. Own vs Rent: How Much Home Can You Purchase For $2500 a Month? This could save home buyers a decent amount of money over the life of the loan — money that can instead go to increasing your home equity. Not every home buyer will be eligible. Bi-Weekly Mortgage Payments Will Help You Payoff Your Mortgage Faster, Bi-Weekly Mortgage Payments Will Payoff a 30-Year Mortgage in Only 24 Years. The HomeRun Mortgage from Citi can grant you a down payment as low as 3% and no MI if you meet their … Fannie Mae recently increased the debt to income ratio requirements to 50%, so more buyers are able to qualify for this program now. If a borrower gets an FHA loan and puts 5% down, they would be required to pay PMI. This home buying program targets a specific group of aspiring homeowners. Tags: 3% down, buy foreclosures, Fannie Mae HomePath, get prequalified, HomePath, how much can I afford, interest rates, investment loan programs, investment properties, mortgage advice, no mortgage insurance, no PMI, prequalify, should I buy a home. Homeowners who choose the conventional 97% LTV loan option will end up with a great fixed interest rate, and after paying down the loan balance, no more PMI. Mortgage rates change daily, and lower rates can make it even easier to afford a new home with a low down payment. A new loan program requires just 3 percent down and no mortgage... New Low Down Payment Home Loan Only for Certain Buyers. The loan was created to give potential FHA borrowers another mortgage loan option. Under this program, there are no mortgage insurance requirements. No, the 3% down is for Primary Residences only. Top 4 Low Down Payment Programs to Help More First Time Buyers Purchase a Home! Compare The Savings on a $465k Home Purchase with No Monthly PMI, vs a Mortgage With Monthly PMI. 4. The rate on a FHA 30 year fixed is 4.375%, but there is also monthly FHA mortgage insurance of $315. Plus 3% down payment program needs … Citizens Bank has a Community Lending mortgage program that can require as low as 3% down with no PMI. Most lenders will tell you that you need to put 20% down to avoid PMI however we offer loan products that allow flexibility of saving their cash and not having to dish out additional costs of PMI. New Rules Force Lenders to Check Buyers Credit 120 Days Back, Own vs Rent for $3600 a Month: Buy a $600k Home With 5% Down and No PMI, Own vs Rent: Buy a $650k Home With a $3400 Payment vs Rent for $3400. Buyers will have options of doing the monthly PMI or buying up-front via lender paid MI or borrower paid MI. 10% Down with No PMI! Conventional vs FHA: Compare a $400k Purchase using 3% Down Conventional Financing vs 3.5% Down FHA, Current Cash-Out Mortgage Refinance Rules, Down Payment Assistance Programs for Buyers. The new 3% down loan is just one of many low downpayment loans available to those looking to get a mortgage. How do you eliminate the monthly mortgage insurance “PMI’ option on this program? 8. Are co signers allowed on this program? No, the 3% down is for Primary Residences only. You need a score 700 to remove the PMI. In Orange County and Los Angeles County you can finance a loan up to $679,650 and only put down 5% to eliminate the monthly PMI, which are the Fannie Mae jumbo loan limits for these respective counties. You can leave a response, or trackback from your own site. Buy a $500k Home With Zero Down and No Closing Costs With a Conventional CalHFA Loan! 3. Bank of America isn’t the only lender offering 3 percent downpayment loans. Buyers Don't Need 20% Down to Remove the Monthly Mortgage Insurance "PMI" on a Home Purchase, Buyers Lose 10% in Purchasing Power When Rates Increase by Just 1%. 15 year. Conventional or FHA Financing: What's Best for Buyers? Own vs Rent: How Much Home Can You Purchase For $2000 a Month? So if you have a little more money to put down, this may be your best bet. I look forward to chatting soon. And since private mortgage insurance can cost borrowers thousands of dollars a year, this news … How to Refinance your Home to 95% and Not Pay Any Mortgage Insurance, Married-to-be Couples Setting up Down Payment Gift Accounts to Purchase a Home. Bank of America unveiled a new affordable mortgage program that offers consumers the option of putting as little as 3% down and requires no mortgage insurance. This Conventional 3% down program is a great alternative to FHA financing, as there is no option to remove the monthly FHA monthly mortgage insurance from the mortgage payment. These loans are available with no down payment and lower interest rates. The rate on a conventional 30 year fixed with monthly mortgage insurance is lower at 4.625%, but there is also monthly mortgage insurance of $263 that is included in the monthly mortgage payment. If borrowers are looking for low down payments, a USDA loan should not be overlooked. PMI was created to allow home buyers to get loans even if their down payment was below the 20% threshold. All rights reserved. Quicken Loans has their own 3% down mortgage program called the Home Possible mortgage. There is also a FHA funding fee of 1.75% due on all FHA loans, this fee of $7,852 was added to the loan amount in this example. For example, in San Diego a buyer can finance a jumbo loan up to $649,650 and only put down 5% to eliminate the PMI. Click HERE for a summary of the current FHA mortgage insurance rules. 4. 5. 1. How does it work? Rent vs Own: What Can You Buy For $2k a Month? 6. That is correct: we offer fixed loan products for as little as 3% down with No Private Mortgage Insurance. Posted by 9 days ago. Understanding Mortgages. Fannie Mae Increases California Conventional Loan Limits for 2018! This new loan could save borrowers over $100 a month in payments on a $150,000 30-year fixed rate mortgage near current interest rates, as compared to a similar FHA loan. The Loan to Value ratio, … These loans offer mortgages up to $1.5 million with a low or no down payment and no mortgage insurance required. FHA loans come in a close second, with a 3.5% minimum down payment. Guidelines limit the amount the eligible applicant can make in some areas of the country. This conventional program is a great option for buyers in complexes that are NON FHA approved, so now you have more inventory to choose from and agents have more homes to show them! 11 comments. 5% down . Buy a $1 Million Home With a 10% Down Jumbo 1st & 2nd Combo Mortgage! 2. Navy Federal. Even without PMI payments, the new loan program could mean a higher interest rate than FHA, Conventional 97 or HomeReady loans, depending on your financial situation. Your privacy is assured. 2. Closing costs and reserves can also be gifted if needed. If you’re feeling overwhelmed or trapped living in an expensive housing market, there are loans designed specifically to help you. Mortgage insurance – FHA-insured loans have two types of mortgage insurance premiums, an upfront MIP fee of 1.75% of the loan amount plus annual MIP, which will be included in your mortgage payment. This, along with other restrictions, may make it difficult for some home buyers to get approved for a conventional mortgage. They are excited when I tell them they only need 3% down to remove the monthly PMI. The Conventional 97 loan also requires just 3% down with a low credit score of 620. 5. Roughly half of the country has a credit score below 660. on Monday, April 15th, 2013 at 12:49 am and is filed under Buy a Home With Only 3% Down Conventional Financing and No Monthly PMI, The 3% Down Conventional Mortgage With No Monthly PMI For Homebuyers. The best low down payment loan is Coastlend’s 3% Down Conventional loan that has NO PMI. Here are the pros and cons of each of these alternatives for a “no PMI” mortgage loan, and what you need to know before choosing one for you. They must make less than their area’s median income, They must have a credit score of at least 660, They must purchase the home as their primary residence. Option #1. Bank of America is offering a new loan program that allows borrowers to make a down payment of as low as 3%. Conventional loans will have PMI if there is less than 20% downpayment/equity. 4.021% apr I hear all the time from buyers who tell me they assumed they needed to save up 20% to buy a … Connect with Tim, Buy & Live In a Duplex, Triplex, or Fourplex to Earn Rental Income, Can I Change My Job Prior To Buying A Home? The total monthly PITI payment is $2,911. Being able to remove the monthly PMI is helping buyers obtain a lower monthly payment, and is helping alleviate the fears of having to take a loan with monthly mortgage insurance. 0. Borrowers may also make up to 115 percent of their area’s median income, making these loans less exclusive than most low-to-no down payment mortgages. HomeReady is a Fannie Mae program that allows 3% down and a credit score of just 620. The Charlotte-based financial company said that their 3% down payment product will also allow home buyers to avoid private mortgage insurance (PMI). The “Affordable Loan Solution” mortgage is a new conventional loan program from Bank of America intended to be a less expensive option than the popular FHA-backed mortgage. It is important to get creative to find a home and get into contract these days, and this 3% down conventional program is one way to help you do that! USDA loans require 0% down payment and the minimum required credit score is 640. (Pls don’t say FHA) I have zero debt and 740+ score, decent salary. Federal Low Down Payment Mortgage Programs . FHA Cancels 90 Day Flip Waiver! An FHA mortgage requires a 500 credit score with 10% down, or a 580 credit score with 3.5% down. No, it’s not 2006 again. As you can below, option #1 with the conventional loan and No PMI will help you obtain the lowest monthly payment and save you the most money. In some cases as much as $45,000 more just by avoiding the expensive PMI. To calculate property taxes, we will also use 1.2% of the purchase price, so $465 a month, and $60 a month for a homeowner’s insurance policy, so we can calculate what the total monthly PITI (principal and interest, taxes and insurance) payment is for each scenario. Can I use an adjustable-rate mortgage with the 3% down mortgage? Learn how a mortgage with a down payment as low as 3% (income limits apply) might help make home buying more affordable. PMI can significantly increase your monthly mortgage payment in exchange for the benefit of a reduced downpayment. There are some other great benefits to using this conventional program with no monthly mortgage insurance vs FHA financing, so you have have more available homes to choose from. Here are the most frequently asked questions that buyers and real estate agents have in regards to the conventional 3% down No PMI loan option. 2018 Mortgage Waiting Periods for Repurchasing or Refinancing After a Bankrutpcy, 2018 Mortgage Waiting Periods for Repurchasing or Refinancing After a Foreclosure, 2018 Mortgage Waiting Periods for Repurchasing or Refinancing After a Short Sale, 2018 Rules Buyers and Sellers Must Know About Financing Flipped Properties, 4 Loan Programs to Help You Purchase an Investment Property, 4 Low Down Payment Options With No PMI for Jumbo and Non Jumbo Homebuyers, 5 Practices to Avoid to Protect Your Credit Scores, 5 Reasons to Purchase a Home Soon in 2018, 5 Ways to Raise Your Credit Score – And Fast, 6 Tips to Get a VA Purchase Offer Accepted by the Seller, 7 Tips to Help Get Your Purchase Offer Accepted, 8 Tips to Get Your Purchase Offer Accepted By the Seller, 9 Ways Borrowers Accidentally Disqualify Their Loan Before Closing A Refinance, 9 Ways Buyers Can Accidentally Disqualify Their Loan Before Closing Escrow, A 1031 Exchange is a Great Investment Property Opportunity for Buyers & Sellers, Appraisal Tips for Agents and Sellers to Protect the Contract Sales Price, Appraisal Tips for Homeowners to Ensure Your Refinance Goes Smoothly. Bank of America introduces new 3% down mortgage with no PMI or FHA A new mortgage program from Bank of America (BofA) will enable borrowers to make downpayments of as little as 3 percent while avoiding private mortgage insurance and FHA requirements. This entry was posted
This conventional program will help you afford to purchase a single family home instead of a condo, as it frees up having to pay monthly mortgage insurance and HOA dues, which can amount to roughly $600-$700 a month on a typical condo. 13. We have been able to help many of our clients who bought over the past few years with FHA, refinance into conventional programs with limited equity and No PMI, and save on average $200-$300 a month. If you would like to get approved for this program, or you have any questions about any of this information above, please feel free to contact me directly at 858-442-2686. To qualify for a 3% down conventional loan, you typically need a … The total FHA monthly PITI payment is $3,120. Purchase your dream home with our 3% down conventional purchase mortgage. Bank of America's Community Homeownership Commitment™ provides low down payment mortgage options for modest-income and first-time homebuyers. No PMI. Let’s compare the conventional 3% down mortgage with No PMI to other low down payment options, which require monthly mortgage insurance to purchase a home. And, it is still just half of the traditional downpayment requirement of many loans (20%). 3.875%.75 points. Yes, you can also purchase a condo using this program with only 3% down and get the No PMI option. *Refinance Tip For homeowners – Refinance up to 97% of Your Property Value with No PMI. https://www.navyfederal.org/loans-cards/mortgage/mortgage-rates/fixed-rate-mortgages.php . This new loan program is backed by Freddie Mac and non-profit Self-Help, so the borrower doesn’t need to pay any form of mortgage insurance premiums. By avoiding expensive PMI your monthly payment will be much lower and you’ll be able to qualify for a higher loan amount. Homeowners can also use this program to refinance up to 97% of their property value with No monthly PMI. Hi, is their any lender who offer 3-5% down payment and no PMI? This program offers some obvious benefits with a very low down payment and the extra advantage of no mortgage insurance. 3% Down Payment Mortgage. The appeal to avoiding PMI payments is monthly payments will be lower. You can follow any responses to this entry through the RSS 2.0 feed. You can also remove the monthly mortgage insurance “PMI” from the mortgage payment so you can obtain an even lower monthly payment. Though government-backed FHA loans, like the Mirandas’, technically allow for down payments as low as 3.5%, they also require costly mortgage insurance—a policy that protects the lender—both at closing and as part of the monthly payment for the life of the loan. The conventional 3% down mortgage is the best low down payment financing option available for homebuyers in today’s market. Millennials Can Now Buy a Home With a 1% Down Conventional Mortgage! Helping Boomerang Buyers Purchase a Home Again, Home Buyers Gain 7.5% in Purchasing Power, HomePath Purchase is a Great Option For Buyers, How the New Tax Bill Will Affect Mortgages and Rates in 2018, How To Cancel FHA Mortgage Insurance-If you Bought a Home Prior to June 2013. share. Please note, the lower the credit scores the higher the interest rate will be. There are no up-front fees added to the loan and the PMI varies based on credit scores, the amount of down-payment and other factors. Click here to check your HomeReady eligibility. If you know someone who is postponing a purchase to save more money, let them know about this program. We only require a 620 credit score to qualify for conventional financing. On 2nd homes, you only have to put down 10% to obtain the No PMI payment option. Stated differently, the borrower can have a loan-to-value (LTV) ratio of 97% with no PMI required. No, any buyer can qualify for this program regardless of income. Why 40% of Homeowners Are Doing "Cash in" Refinances, Why Sellers With FHA Loans Should Close at the End of the Month, YOURgage – Choose Your Own Fixed Rate Mortgage Term, 9 Ways Borrowers Accidentally Disqualify Their Loan Before Closing, purchase with 3% down and o mortgage insurance, The New 3% Down Conventional Loan Program With No PMI For Buyers. It isn't cheap and it adds to the monthly cost of the mortgage. Copyright 2008.Michael A Deery. Their minimum credit score of 660 is higher than the FHA loan, which requires just a 580 score to qualify for the 3.5% minimum down payment. When Can I purchase Again After a Foreclosure. The maximum loan with 3% down is $453,100, which is the conventional loan limit. Can I get 3% down with No PMI on 2nd homes or Investment Properties? 3.595% apr . Yes, if you put down 5% or 10% for the down payment, you will get a lower interest rate. The Benefits of a 3% Down Mortgage With No PMI The conventional 3% down mortgage is helping many buyers obtain home ownership, who may have not been able to otherwise. Borrowers will have to pay PMI, but on a 30-year fixed-rate mortgage these payments will go away after 10 years. Yes, all of the 3% down payment can be gifted. Show Millennials How to Buy a Home With a 1% Down Conventional Mortgage and No Monthly PMI, Tax Benefits And Deductions Available To Homeowners, The 3% Down Conventional Mortgage With No Monthly PMI For Homebuyers, The Cost of Waiting to Buy: Compare Buying With a 4% vs 5% Rate, The Different Factors That Determine the Rate on a Mortgage, The Extra Cost of Waiting to Buy a Home as Rates and Home Prices Increase, The New 5% Down Jumbo Conventional Mortgage With No Monthly Mortgage Insurance, The New 5% Down Jumbo Conventional Mortgage With No Monthly PMI, The Wave of Millennial Home Buyers is Coming, Tips for Preparing the Seller for the Appraisal Inspection. Unlike FHA, it has no mortgage insurance options and higher loan amounts. Mortgage rates are incredibly low, and rental payments are expected to increase significantly in the future. February Delinquency Rate Down Juvenile arrest … Applicants must meet the following requirements. On Friday, TD Bank reportedly began offering mortgages with down payments as small as three percent to certain low- and moderate-income borrowers via its Right Step program, per the WSJ. No, the 3% down mortgage requires a 30-year fixed rate mortgage only. But FHA mortgage rates are lower than this program? 3% Down Conventional Mortgage Loans Are For Real First time home buyers can put as little as 3% down and get conventional financing (no longer … This is also known as lender paid mortgage insurance. Borrowers won’t have to pay mortgage insurance either though there is a one-time funding fee that allows the program to be self-sustaining and is significantly less than monthly mortgage insurance premiums. Help More First Time Buyers Purchase a Home With These 4 Low Down Payment Programs! Instead of taking the conventional or FHA loan option and paying the mortgage insurance each month, the conventional loan with No PMI will give the buyer the lowest monthly payment. Mortgage Rates Spike to 5%: Why Rates Will Continue To Increase Higher, New 1% Down Conventional Mortgage Purchase Program, New Conventional Flexible Term Mortgage Program, New Program: Conventional Financing Now Allows Married-to-be Couples to use Wedding Gift Funds to Purchase a Home. Compared to conventional financing, FHA appraisals can be a little more strict in terms of asking sellers for repairs on a property, so this is another benefit of going conventional. The larger the down payment, the lower the interest rate you will get with conventional financing. They also offer homeownership education and counseling. | 2020, 100% Financing Home Loans 2021 (USDA, VA, FHA), USDA Home Loans | Zero-Down Eligibility & Qualification [Updated for 2021]. FHA Buyers Beware! Click HERE for more information how to qualify for the 5% down Conventional loan with No PMI. Don't miss important home loan updates. Fannie Mae Increases Repurchase Timelines for Buyers With Short Sale From 2 Years to 4 Years, Fannie Mae Makes it Easier to Buy a Condo Investment Property – No More 50% Owner Occupied Ratios Required, Fannie Mae's New Conventional "Flexible Term Mortgage" Program, FHA and Fannie Mae Introduce Stricter Underwriting Rules for Student Loan Repayments. Plus, Bank of America has not specified what their mortgage rates are on this program. What credit score is required to qualify for this program? More, Tim Lucas (NMLS #118763 ) is editor of MyMortgageInsider.com. Buy a Home With Zero Down and No Closing Costs With a Conventional CalHFA Loan! 30 year. Over the next 15 years the conventional loan with no PMI will save $15,604 over the conventional loan with PMI, and $27,693 over the FHA loan. Are you considering buying a new home? For home buyers with qualifying military service, a VA-backed mortgage loan is an attractive option. USDA Income Eligibility | How Much Can You Make and Get a USDA Home Loan? Wells Fargo is answering calls in the industry to expand the credit box. What is the maximum number of units for a home with the 3% down payment mortgage? All you have to do is take a slightly higher interest rate than normal, say from 4.625% to 4.875%, and we use a lender credit with the higher interest rate to eliminate the PMI from the mortgage payment. This program also allows ALL of the down payment and closing costs to be gifted, so buyers can reach out for a gift instead of having to wait and save up the full 3% down payment. As Mortgage Rates Increase By 1% a Buyer Loses 10% in Affordability! 97% LTV Home Purchase Program Rates. Yes FHA interest rates are lower, but when you factor in the very expensive FHA monthly mortgage insurance, the FHA overall monthly payment will always be higher than this 3% down No PMI option. If you need to finance over $453,100, the minimum down payment is 5%. Close. Buy a $675k Home With Only 5% Down and No Monthly PMI, Buy a Home Up to $715k With Only 5% Down and No PMI, Buy a Home With a 1% Down Conventional Mortgage And No Monthly PMI, Buy a Home With Only 3% Down Conventional Financing and No Monthly PMI. No this program is available to all home buyers. 11. So this 3% down conventional loan program is a great option to help them refinance out of their current loan with mortgage insurance, and into this conventional loan option with No PMI, so they can save some extra money and get a lower monthly payment. Low- to no-downpayment loans are popular among home buyers. Along with the benefit of a low down payment, this new mortgage program will not require private mortgage insurance (PMI). ConsumersAdvocate.org - Educated Decisions Make Informed Consumers. The total monthly PITI payment is $3,107. CitiMortgage offers a fixed mortgage program with as low as a 3% down payment. Who qualifies for a 3% down mortgage? Housing. This loan is considered the first multi-generational loan, since buyers can use the income of non-borrowing household members to help them qualify. VA Purchase Tips for Home Buyers and Real Estate Agents! 12. Here is how to qualify for this program. While it does require PMI, borrowers can have a higher annual income with Home Possible than with Bank of America’s loan. 7. The figures on the third column, is a FHA 3.5% down loan with monthly mortgage insurance. The … This No PMI option is also available with 5% down financing on conventional jumbo loans. Yes co-signers are allowed on this program, the co-signer does NOT have to reside in the home. Frequently Asked Questions for the Conventional 3% Down Mortgage. USDA loans are only available in areas that are less dense in terms of population, but many suburban areas are eligible. The approximate rate on a conventional 30 year fixed with No PMI is 4.875%. Understanding Supplemental Property Taxes in California, VA Frequently Asked Questions and Tips For Homebuyers and Homeowners. 6. Also, they do not require PMI, but rather an annual fee that is usually much lower than most mortgage insurance. Others might earn an income that lies outside of eligible levels. Having a low- or no-PMI loan program can save you thousands in mortgage payments over the life of your loan. Own vs Rent: How Much Home Can You Purchase For $3000 a Month? This entry was posted on April 22, 2010 at 10:00 am and is filed under Loan Programs. In Summary. On 2nd homes, you only have to put down 10% to obtain the No PMI payment option. But, how would you like to get 3% down, no PMI, no appraisal, 3.5% seller assist, not FHA and the down payment can be funded by a gift? A Rarity: 3% Down Payment With No Private Mortgage Insurance Qualified borrowers can obtain a home loan through this program with a down payment of 3%, and without the added cost of private mortgage insurance (PMI). This is a noteworthy feature, because PMI is typically required on home loans that account for more than 80% of the purchase price. Avoid PMI Without 20% Down | Guide 2021 “Affordable Loan Solution” Offers 3% Down Loan. For example, many homeowners who bought a home over the past 12-24 months using a FHA loan and a minimum down payment of 3.5%, have probably gained at least 8%-12% equity again due to appreciation. Other loan options may still be a better fit for some home buyers than Bank of America’s new program. In some cases, they will only need to put 3 percent down, and potentially, home buyers may not need to make a downpayment at all. The Benefits of a 3% Down Mortgage With No PMI – The Best Low Down Payment Mortgage Available to Buyers. Is this program for first time buyers only? It will save you $195 a month over the conventional loan with PMI, and saves $208 over the FHA loan. Are there income limits for this program? Are Using FHA financing: what 's best for buyers the Savings on a 3. I receive the 3 percent down mortgage is an attractive option expected to increase significantly in the future in! And Tips for Homebuyers and homeowners your monthly payment what can you buy for 2500. 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