Non-Conforming Mortgage for Condo in Hoboken NJ

[Marybeth K.]

Hi All,

I'm hoping someone has run across something similar and can help please! I moved out of my primary residence just over 2 years ago and began renting it out. I have a 30 year fixed FHA from 2012, with PMI. I now have 25% equity and have been told by Q that the PMI will not drop after 5 years (even with a new appraisal), that i have to wait until i have 20% equity based on the original value (year 2020). The home has appreciated significantly.

I am having trouble refinancing because 1 condo owner owns 11% of the units in the association across multiple buildings, making it a non-conforming loan. Does anyone have any advice please on other refinance options that I might have if I can't refinance and my PMI wont' drop until 2020???

Thank you in advance for the advice - I really don't want to sell my rental but can't afford to be under water with rents dropping slightly from my prior tenants.  BP is the best!