Loan-to-Value Ratio (LTV)
mortgageAlso known as: LTV, loan-to-value, LTV ratio
Updated · Written and reviewed by Konstantin Iakovlev
Detailed explanation
Key thresholds: 80% LTV (no PMI on conventional loan, no MIP on most refis); 90% (qualifies for HARP-style streamlines historically); 95-97% (max for HFA first-time-buyer products); 96.5% (FHA max with 580+ credit); 100% (VA, USDA — no down payment). Combined LTV (CLTV) includes second mortgages and HELOCs; lenders typically cap CLTV at 80-90%. LTV at origination determines pricing; LTV today determines refi eligibility. PMI removal request: borrower can request at 80% LTV (original schedule); auto-cancels at 78% under HPA 1998. Cash-out refi LTV caps are tighter (typically 80% conventional, 85% FHA).
Use these calculators to apply this concept
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