This is a legacy mortgage term, the new term for this type of mortgage is an Uninsured Mortgage. This is a mortgage loan that is uninsured up to 80% of the home’s appraised value or purchase price (whichever is less).
This is a legacy mortgage term, the new term for this type of mortgage is an Uninsured Mortgage. This is a mortgage loan that is uninsured up to 80% of the home’s appraised value or purchase price (whichever is less).