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aqua0202texas · Joined: 13 May 2008 Posts: 1 1.54 Dollars($)

could anyone explain to me what is "30 yr Conv w/ PMI" is? what is "Conv"?

adonis · Posted: Tue May 13, 2008 9:42 pm Post subject:

Welcome aquatexas,

30 year conv loan would mean a conventional 30 year fixed rate mortgage requiring the borrower to pay premiums on PMI or private mortgage insurance. A conventional loan is one which is not insured by the government or FHA. It's can be insured by any private insurance company.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi aquatexas,

Welcome to the forum.

I think "Conv" means conventional loan and "30 yr Conv w/ PMI" means 30 year conventional loan with PMI. So you will have to pay the Private Mortgage Insurance.

Best of luck,
Larry

evolovik26 · Posted: Thu May 15, 2008 6:07 am Post subject:

It means you are getting a loan above 80% loan to value and as such it requires PMI by the lender. Its insurance that protects the lender if you end up in default.

Guest

Is a Conv Loan a good way to go ?

jameshogg · Posted: Wed Jun 16, 2010 12:49 am Post subject:

Hi Vin,

If you meet the required criteria of the lender to get the loan and can afford the loan payments, then a conventional loan is a good way to go.

Thanks

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