No Seasoning Refi or purchace with no PMI?

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Posted by Steve on July 14, 2008 at 04:24:09:

I am looking to buy a home for myself to keep for about 5+ years. Sale price will be about 230K-240K. Owner needs to sell and had originally listed at 325K. I have a 740+ credit score and 20K to put down.

However I dont want to pay the Private mortgage insurance.
Are there any programs where if the house appraisal comes in where I a am better than 80% LTV (Where V = appraised valeue not sale price) I dont have to pay that PMI?

I am told that the appraisers want to know the sale price and generally wont value more than that.

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