Posted on: 29th Aug, 2009 01:29 pm
I would like to purchase my first home in CA. I am told that I have to put down a minimum of 10% or 20% to avoid PMI, is this true?
sharal
Welcoem to the forum
To avoid PMI you will need atleast 20% down
What you have heard is correct
Good luck and feel free to ask
Welcoem to the forum
To avoid PMI you will need atleast 20% down
What you have heard is correct
Good luck and feel free to ask
lenders require PMI for loans with loan-to-value (LTV) percentages in excess of 80%
annual premium payments on PMIs is 0.5% of the mortgage value at the time it is borrowed.
When the loan-to-value ratio falls below 78%, lenders are required to inform homeowners that they may cancel their PMI policies
annual premium payments on PMIs is 0.5% of the mortgage value at the time it is borrowed.
When the loan-to-value ratio falls below 78%, lenders are required to inform homeowners that they may cancel their PMI policies