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first time home buy mortgage insurance required?
Hi,
I’m putting more than 20% down payment on a home purchase. Is mortgage insurance required no matter how large of a down payment is placed. This is a first time home loan.
Thanks!!!
My broker claims that I have to buy mortgage insurance even though I’m putting more than 20% down because its a first time home loan.
Don’t know if this matters but I live in California
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No. Get a new broker. He is making money on that.
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LikeDislikeIf you are doing an FHA 30 year fixed loan then yes, you will pay mortgage insurance no matter how much you put down.
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