When does conventional require PMI?
Whenever the LTV at closing exceeds 80% (down payment less than 20% on a purchase, or remaining balance above 80% of value on a refinance). PMI is required regardless of credit score — strong credit just makes it cheaper, not optional.
Plain-English explanation
Conventional PMI applies above 80% LTV on most loans. The threshold is purchase-time: 20% down avoids PMI from day one. On a refinance, 80% LTV (based on appraised value) avoids PMI. On a non-purchase situation where the original loan was below 80% LTV, PMI was never charged. Subject to Fannie/Freddie guidelines.
What can change the answer?
Credit score, LTV, coverage percentage, occupancy, and PMI provider can change cost. PMI removal is governed by HPA and servicer policy.
Want the real answer for your conventional file?
Conventional guidelines are the rule. Your credit, income, DTI, PMI, LLPAs, and Florida payment math are what decide the actual answer.
More conventional questions on PMI
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review.