A Conventional Mortgage Loan Is One That Is Not Insured

question 40

Multiple Choice

A conventional mortgage loan is one that is not insured or guaranteed by an agency of the U.S. government. The lender, however, can still pursue a private mortgage insurance (PMI) policy to provide a guarantee for the fulfillment of the borrower's obligations. Typically PMI is required for all loans that have a loan to value (LTV) ratio greater than:

• A) 20%
• B) 40%
• C) 60%
• D) 80%

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