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PMI on rental property
Posted on 4/2/12 at 4:01 pm
Posted on 4/2/12 at 4:01 pm
I bought a house several years ago for my inlaws. They are paying me rent every month. Recently the loan was paid down to less than 80% of the purchase price. When I contacted the mortgage company to remove the PMI they said that the percentage had to be below 65%.
Has anyone ever run into this problem? Is there any way around it?
Has anyone ever run into this problem? Is there any way around it?
3
Posted on 4/2/12 at 4:09 pm to wmtiger69
It's because it is non owner occupied. Bigger risk so they keep the pmi on it longer.
Posted on 4/2/12 at 5:01 pm to wmtiger69
Who is the mortgage company? I have been around mortgage lending for 8 years now and thats the first i have heard of that.
For home mortgages signed on or after July 29, 1999, your PMI must - with certain exceptions - be terminated automatically when you reach 22 percent equity in your home based on the original property value, if your mortgage payments are current. Your PMI also can be canceled, when you request - with certain exceptions - when you reach 20 percent equity in your home based on the original property value, if your mortgage payments are current.
took that straight from Fannie Mae's website. so i think you are getting the run around
For home mortgages signed on or after July 29, 1999, your PMI must - with certain exceptions - be terminated automatically when you reach 22 percent equity in your home based on the original property value, if your mortgage payments are current. Your PMI also can be canceled, when you request - with certain exceptions - when you reach 20 percent equity in your home based on the original property value, if your mortgage payments are current.
took that straight from Fannie Mae's website. so i think you are getting the run around
Posted on 4/3/12 at 12:59 pm to hawkeye007
Mortgage company is Chase. See if you can help me out. Thanks.
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