PMI is not required when purchasing a home with a down payment greater than 20% of the purchase price.

Name: PMI is not required when purchasing a home with a down payment greater than 20% of the purchase price.
Brand: Quizplus
Rating: 4.9 (58 reviews)

Question

Quizplus · Accepted Answer

Private Mortgage Insurance (PMI) is generally required by lenders when a borrower has a down payment of less than 20% on a home purchase. If the borrower has a down payment of 20% or more, PMI is not required.

PMI Is Not Required When Purchasing a Home with a Down