• Home
• Insurance Forums
  Auto Insurance Life Insurance Health Insurance Home Insurance Disability Insurance Business Insurance Insurance Frauds Company & Specialty Insurance Insurance Agents The Pub
• Auto Insurance
• Health Insurance
• Life Insurance
• Home Insurance
• Disability Insurance

Do you pay PMI if price paid is 20% less than appraisal valu

Message	Author
Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Posted: Sat Oct 03, 2009 6:36 am   Post subject: Do you pay PMI if price paid is 20% less than appraisal valu   If I purchase a house for $105,000 and it is appraised for $138,000, that gives me a $33,000 equity in the property at purchase. 20% of the purchase price is $21,000 and 20% of the appraised value is $27,600. If I do not put any money down and receive a VHDA loan for $105,000, would I have to pay PMI since I'll have $33,000 in equity at the time of purchase? In case it matters, I live in Virginia. The property is a townhouse as well.	ainge New member Joined: 03 Oct 2009 Posts: 1 1.35 Dollars($)
Posted: Sat Oct 03, 2009 1:05 pm   Post subject:    This would be up to the mortgage company. Typcially PMI can be removed if your loan balance is 80% or less than the appraised value. Check with them. _________________ "Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr.	Lori Moderator Joined: 10 Sep 2007 Posts: 8173 Location: Missouri 287.90 Dollars($)
Posted: Sat Oct 03, 2009 1:35 pm   Post subject:    nm	tcope Forum Expert Joined: 22 Nov 2006 Posts: 5068 Location: Salt Lake City, UT 272.81 Dollars($)
Posted: Sun Oct 04, 2009 1:27 pm   Post subject:    Quote: nm huh huh _________________ "Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr.	Lori Moderator Joined: 10 Sep 2007 Posts: 8173 Location: Missouri 287.90 Dollars($)

Quick Reply
Your Name
Subject
Message body

All times are GMT

Page 1 of 1