Refi's have virtually come to a halt, so Banks are not very busy and have been moving very quickly, as long as you get them any documentation they ask for quickly. Putting down 35% gives you and them wiggle room with the Appraisal. Chances are you would still qualify (Check with your Broker)for the mortgage down to 20% Equity of the Appraised value. It would be up to you to decide if you want to purchase a home that did not appraise for the full purchase price.
Just as a side note. Very often Banks are blamed for delays when in actuality it is the Title Company that holds things up. Have your Attorney order Title sooner rather than later.
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