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Marcia Said:

Mortgage Insurance...?

We Answered:

What he is talking about is taking a second lien loan to cover the downpayment. You are on the hook for 2 loans, so make sure you can service them. I can't beleive they are still doing that, given all the mess that they have caused. Generally a lot of those types of loans have defaulted, and one would have thought that they would be limiting the use of them. There is no con if you can service the loans, while I think PMI is paid for completely at closing.