Washington § 61.10.040 - Not required when loan is less than eighty percent of value — Compliance with federal requirements.

Full text of Washington Revised Code of Washington § 61.10.040 — Not required when loan is less than eighty percent of value — Compliance with federal requirements., with citation guidance and answers to common questions.

§ 61.10.040. Not required when loan is less than eighty percent of value — Compliance with federal requirements.

On or after July 1, 1998, no borrower entering into a residential mortgage transaction in which the principal amount of the loan is less than eighty percent of the fair market value of the property shall be required to obtain mortgage insurance. Fair market value for a purchase money loan is the lesser of the sales price or the appraised value. This section shall not apply to residential mortgage transactions in an amount in excess of the maximum limits established by institutional third parties where the borrower and the lender have agreed in writing to mortgage insurance.
A lender or person servicing a residential mortgage transaction who complies with federal requirements, as now or hereafter enacted, governing the requirement of obtaining mortgage insurance shall be deemed in compliance with this section.
[ 1998 c 255 s 4.]

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 61.10.040

What does Revised Code of Washington § 61.10.040 cover?

Section 61.10.040 ("Not required when loan is less than eighty percent of value — Compliance with federal requirements.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 61.10.040?

A common citation format is "Revised Code of Washington § 61.10.040" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 61.10.040 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Washington.