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Old 03-31-2013, 08:35 PM   #25
mikeyis4dcats. mikeyis4dcats. is offline
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Join Date: Nov 2006
Casino cash: $16098
Quote:
Originally Posted by Pawnmower View Post
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%.
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