Question by bgfuzz: My mortgage will be 80% of the home value, pills dosage can I avoid paying PMI since I am financing only 80% .?
Unofficially the value on the internet is +150K, the seller needs to sell as is and there is considerable upgrades needed with heat/ac,water heater,floors (refinish hardwood), paint all interior,bathroom water damage. They are asking 120K and I am doing 100% financing with great credit, trying to avoid PMI mortgage insurance.
Best answer:
Answer by Rafael P
The value is the selling price or appraised value, whichever is lower. So, if the selling price is 120k, and you are financing 120k, it is a 100% loan. In about 6 months you can challenge value, and if the appraisal (at your expense)comes in at 150k, then you can request the PMI removal.
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