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[quote=Anonymous]I am a lender here in the DC area who has helped many clients and DC Urban Moms with refinances and purchases. You can get rid of mortgage insurance using two methods but it all depends on your appriased value and loan amount. 1. If your loan amount equals 80% or less of your appraised value, you won't need mortgage insurance. For example - $625K appraised value - $500K loan 2. If your loan amount is equal to 90% or less of your appraised value, you can split the the amount between two loans to avoid MI. This is commonly called an 80/10/10 or 75/15/10. For example 80/10/10 = $625K appraised value - 1st Loan = $500K, 2nd loan = $62,500 There are a couple of other MI options as well but I don't want to complicate things with too many details. Feel free to contact me with other questions, etc at roger.dennis@caliberfunding.com or (301) 289-3131. [/quote]
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