Private mortgage insurance is required on most conventional loans when the loan-to-value is in excess of 80% (less than 20% down). Programs can vary as to the need for coverage and amount of coverage required. Rates can also vary depending upon the private mortgage insurance carrier.
Even though the total cost of private mortgage insurance is fairly standard throughout the industry, there are a great variety of payment plans to accomplish the same basic protection.
Some programs may require special coverage. It is always best to check with your Fair Oaks Mortgage Company's loan officer for special details.
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