I applied for a mortgage loan and the bank is requiring me to buy private mortgage insurance (PMI) if I want to get the loan. Can it do this?
Yes. PMI usually is required if the loan origination amount is more than 80 percent of the value of the home.
Last Reviewed: October 2020
Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on HelpWithMyBank.gov should not be construed as legal advice or a legal opinion of the OCC.