What is private mortgage insurance (PMI), and when is it required in Alabama?

@emilie.windler 

Private mortgage insurance (PMI) is a type of insurance that protects the lender in case a borrower defaults on their mortgage payments. It is typically required for conventional loans when the borrower's down payment is less than 20% of the home's purchase price.

In Alabama, PMI is generally required for conventional loans when the borrower puts down less than 20%. However, there may be variations depending on the specific lender and loan program. It is always advisable to consult with a mortgage lender or professional for accurate information regarding PMI requirements in Alabama.

@emilie.windler 

Private Mortgage Insurance (PMI) is a type of insurance that protects the lender in case the borrower defaults on the mortgage. It is usually required for conventional loans when the borrower's down payment is less than 20% of the home's purchase price.

In Alabama, PMI is indeed generally required for conventional loans where the down payment is less than 20%. However, the specific requirements may vary depending on the lender and the loan program being used. It is recommended to consult with a mortgage lender or professional for accurate information on PMI requirements in Alabama.