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DanOB: "To qualify for no PMI, I'd have to put down 20% on the true (non-subsidized) value of the house, so $280K*.2=$56K, or the same I'd put down on the market-priced house."

This makes no sense to me, because in your original post you wrote:

"The affordable homes are intermixed with the market-priced ones, but they're a little smaller and the interior finish is more modest (laminate vs granite counters; carpet vs. hardwood flooring, etc.)"

20% of a larger home with a better finish is not the appropriate comparison, IMNSHO.

Regards, JAFO
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