Finance
Private Mortgage Insurance (PMI) is typically required in Maine when the buyer's down payment is less than:
A5% of the purchase price
B10% of the purchase price
C20% of the purchase price✓ Correct
D25% of the purchase price
Explanation
PMI is generally required by conventional lenders when the borrower's down payment is less than 20% of the purchase price, protecting the lender against default risk.
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