Home Buying in Porterville>Question Details

James Lacros…, Home Buyer in Porterville, CA

i am putting 20% down and still my broker says i will have to pay the ins, true or not?

Asked by James Lacrosse, Porterville, CA Thu Nov 1, 2012

Help the community by answering this question:


Yes no PMI if doing 20% conventional but always need home insurance especially for times like when Sandy runs through
0 votes Thank Flag Link Thu Nov 1, 2012
If you're talking about Private Mortgage Insurance (PMI)... most lenders will not require PMI if you put 20% down.
0 votes Thank Flag Link Thu Nov 1, 2012
Alan May, Real Estate Pro in Evanston, IL
Which insurance?

Homeowner's insurance: Yes.

Mortgage insurance: No.

Ask your agent for clarification.

Hope that helps.
0 votes Thank Flag Link Thu Nov 1, 2012
Don Tepper, Real Estate Pro in Burke, VA
If you are asking do you have to pay for homeowner's insurance, the answer is yes. If it's a condo you need to get what's called an H06 policy to protect your belongings. These are mandated by the lender or HOA and are not covered in your down payment. I would look at it like when you buy a car - you still have to pay for insurance.
0 votes Thank Flag Link Thu Nov 1, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer