Finance
What type of mortgage loan requires Private Mortgage Insurance (PMI) in Massachusetts?
AFHA loans only
BVA loans only
CConventional loans where the borrower puts down less than 20%✓ Correct
DAll mortgage loans regardless of down payment
Explanation
PMI is required on conventional loans when the borrower's down payment is less than 20% of the purchase price. FHA loans require mortgage insurance premiums (MIP) instead of PMI.
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