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Updated almost 4 years ago on . Most recent reply
PMI Removal on non-FHA Rental Loan
Hi BP,
I have a rental property that has about 60% equity. About 3 months ago a representative (Supreme Lending) mentioned that a rental property has to have at least 75% equity to remove the PMI. Recently I spoke to a different representative and she mentioned that an alert popped up on the screen that read that Fannie Mae is not allowing PMI be removed from rental properties.
Has something changed that PMI is no longer able to removed from rental properties?
Thank you in advanced,
Andy
Most Popular Reply
Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
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#5 Medium-Term Rentals Contributor
- Investor
- Youngstown, OH
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Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Pro Member
#5 Medium-Term Rentals Contributor
- Investor
- Youngstown, OH
Is your loan less than 2 years old? That may be a contributing factor.