Finance
Private Mortgage Insurance (PMI) is typically required in South Dakota when the buyer's down payment is:
ALess than 5% of the purchase price
BLess than 10% of the purchase price
CLess than 20% of the purchase price✓ Correct
DLess than 25% of the purchase price
Explanation
PMI is generally required by conventional lenders when the down payment is less than 20% of the purchase price, protecting the lender in case of default.
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