Finance
Private mortgage insurance (PMI) is typically required in New Hampshire when the buyer's down payment is less than:
A5%
B10%
C20%✓ Correct
D25%
Explanation
PMI is generally required by conventional lenders when the buyer's down payment is less than 20% of the purchase price, resulting in an LTV above 80%. PMI protects the lender in case of default.
Related New Hampshire Finance Questions
- Which of the following NH buyers would most likely use a USDA Rural Development loan?
- Which government-sponsored enterprise (GSE) purchases conventional conforming mortgages in the secondary market?
- A NH borrower with a 640 FICO score would most likely be steered toward which loan product?
- A NH buyer is approved for a 'jumbo' mortgage. This means the loan amount:
- A NH homeowner's loan is 'underwater' (negative equity). This means:
- What is the debt-to-income (DTI) ratio a lender uses to qualify a borrower?
- The Truth in Lending Act (TILA) primarily protects NH borrowers by:
- A NH borrower with a FICO score of 740 will generally qualify for:
Practice More New Hampshire Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Hampshire Quiz →