Finance
A Vermont buyer using a conventional mortgage with less than 20% down payment will typically be required to obtain:
AA Vermont Housing Finance Agency subsidy
BPrivate mortgage insurance (PMI)✓ Correct
CA co-signer on the loan
DTitle insurance for the lender only
Explanation
Conventional lenders require private mortgage insurance (PMI) when a borrower puts less than 20% down, protecting the lender against default risk on higher loan-to-value mortgages.
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