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Conv

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aqua0202texas Joined: 13 May 2008 Posts: 1 1.50 Dollars($)	Posted: Tue May 13, 2008 3:09 pm    Post subject: Conv could anyone explain to me what is "30 yr Conv w/ PMI" is? what is "Conv"?
adonis Joined: 22 Oct 2005 Posts: 3852 Location: ALASKA 120.89 Dollars($)	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. _________________ Procrastination is the enemy of your financial sucess
larry Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)	Posted: Wed May 14, 2008 3:54 am    Post subject: Hi aquatexas, Welcome to the forum. I think "Conv" means conventional loan and "30 yr Conv w/ PMI" means 30 year conventional loan with PMI. So you will have to pay the Private Mortgage Insurance. Best of luck, Larry
evolovik26 Community Experts Joined: 15 Aug 2007 Posts: 538 Location: Minneapolis 28.93 Dollars($)	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. _________________ Eugene Volovik Home Loan Consultant Countrywide 612-481-3127 Conventional, FHA and Commercial Lending in 48 states

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