Home loan question

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I think they use the actual contract price for the homes value when it comes to PMI or not. They don't let you use an over appraisal anymore. You can get another appraisal later on and prove you have the 20% equity and get out of PMI if its not FHA.

The exception is if you are building a house, then they have to use the actual appraisal price, not the construction cost.
 
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