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Dropping PMI

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1:59 pm
August 18, 2008


Kevin Bown

Moderator

posts 18

1

I have some properties with loans that include PMI (Private Mortgage Insurance). I anticipate to be at below 80% loan to value pretty soon. When is the soonest that I can petition the lender to drop the PMI?


Thanks!

Kevin

2:12 pm
August 18, 2008


John McClellan

Moderator

posts 7

2

Fannie Mae guidelines require that you have a perfect payment history for the last 24 months and that you have had the mortgage for at least 24 months before you can petition to drop the MI. Value may be determined by the tax appraisal, Broker price opinion, or a residential appraisal.

2:36 pm
August 18, 2008


Kevin Bown

Moderator

posts 18

3

Thanks John, I'll try to keep up with those payments!

Wink
Wink



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