Mortgage Insurance for STR

[Jonathan Stevens]

I recently purchased a cabin in the Smoky Mountains and have done some renovations to bring up the value of it. Purchased 10/5/21 and owe about $380k with a 10% down payment. My question, is there a way to get around the mortgage insurance on this property? I am seeing similar properties being sold for over $500k in my area which would put me at about 72% equity in the property and would save me over $100 a month. My current lender said I need to wait 2 years but I feel like of course they would say that to avoid me eliminating this payment. Please advise.