what is a conventional loan without pmi?

Asked by Siswarrior, Florida A & M, FL Sat May 1, 2010

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Anna M Brocco, Agent, Williston Park, NY
Sat May 1, 2010
If you have 20% or more as your downpayment, you will save on Private Mortgage Insurance--if the downpayment deposit is less than 20%-- PMI enables one to obtain a mortgage with the lower down payment because the lender is protected against any default on the loan.
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Scott Troyan…, Agent, Scottsdale, AZ
Sat May 1, 2010
A conventional loan is generally 20% down loan-to-value. PMI, is private mortgage insurance, and is a premiuim added to the loan to insure the % less than 20% on a non-conventional loan.
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