Asked by Mike, Overland Park, KS • Wed Feb 18, 2009
My son is getting loan pre-approval for a conventional loan. In January they told him he could get a loan for 3-5 percent downpayment. Now when he finally does the paper work to get his pre-approval and the bank now says he has to pay 10 percent because PMI insurance is requiring 10 % down if your loan score is below 700. Is this something PMI has changed or is the bank just trying to get to him.
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