Finance
A Maine homebuyer applies for a conventional mortgage requiring PMI. PMI is typically required when the loan-to-value ratio exceeds:
A70%
B80%✓ Correct
C90%
D95%
Explanation
Private mortgage insurance (PMI) is typically required on conventional loans when the LTV exceeds 80% (i.e., the down payment is less than 20%). PMI protects the lender against default.
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