Which family situation most likely requires mortgage insurance?

The situation that most likely requires mortgage insurance is when the Jones family puts down only 3% on a standard mortgage. Mortgage insurance is typically necessary when a borrower makes a down payment of less than 20% of the property's purchase price. This insurance protects the lender in case the borrower defaults on the loan, providing a safety net for the lender when there is a higher risk associated with a lower down payment.

In the case of the other families, the Wilson family, Roberts family, and Rodriguez family all made down payments of 20% or more. Generally, once a borrower reaches a down payment of 20%, the need for mortgage insurance diminishes because the lender's risk decreases significantly, as the equity in the home is more substantial. Thus, these families would not typically be required to obtain mortgage insurance, making the scenario with the Jones family the most applicable for requiring this type of insurance.