Finance
A Maine homebuyer applies for a conventional loan with a 15% down payment on a $350,000 home. PMI is required. PMI is typically cancelable when the LTV reaches:
A75%
B80%✓ Correct
C85%
D90%
Explanation
Under the Homeowners Protection Act, PMI must be canceled when the LTV reaches 80% based on the original purchase price and original amortization schedule (or at the borrower's request with proof of value).
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