Originally Posted by Pawnmower
A lender *may want you to kick in cash to bring that to 80%
It would all depend on the appraisal most likely. So getting a lender who does the appraisal at no or little cost (their pocket) would be good so if the appraisal was short, you could protest or walk away without getting hit.
I believe 80 is the magic number for PMI but I'm not completely sure, since as an investor I cant make offers with less than 25-30% down.
ASFAIK you can ASK to have PMi removed at 80%, but the bank won't automatically do it until 78%.