Finance
A Louisiana homeowner with an FHA loan wants to refinance to a conventional loan to eliminate mortgage insurance. The homeowner should generally wait until the LTV is at or below:
A90%
B85%
C80%✓ Correct
D75%
Explanation
For conventional loans, private mortgage insurance (PMI) is typically required when the LTV exceeds 80%. Once the LTV reaches 80% or below, the borrower can often cancel PMI or refinance without it.
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