In New York State what can also happen is that if your loan amount, after the 10-15% downpayment equals 80% or less of the appraised value, you will not be required to take out any sort of MI. This does happen from time to time.
Make sure you ask all these questions to the Loan Officer you're working with. If you need someone, feel free to contact me. I'm always available to meet face-to-face. Good luck.
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
Tom Brady SFR, e-Pro, SRES, GREEN
Licensed Real Estate Salesperson
Notary Public, Ret. NYPD Lt.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Plaza - Suite 104
Plainview, New York 11803