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This is more of a loan question, but I will do my best to answer this. You will most likely have PMI on your loan due to the fact that the lender will consider the actual value of your home to be the purchase price when you 1st buy the house.
Now after you buy the home you can most likely refinance with a new conventional type loan at less than 80% loan to value and not pay PMI, if the new lender will honor a new appraisal at the higher value. Some lenders will require the use of the purchase price if refinancing shortly after buying the house.
So, check around and see if you can find a lender that will refinance your home after you purchase it and use the new higher appraised value versus the purchase price. Keep in mind by doing this refi you will also have new loan fees, title insurance fees and escrow fees with your refinance.
This is a question is for a loan office but I think the norm is "the lesser of the appraised or purchase value", so then the answer would be YES you will need to pay PMI
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