Fastest way to hit 20% Loan To Value and drop PMI
Hello,
I just bought my first property in Fort Collins, Colorado with a 3% down payment conventional loan. I am wondering what kind of strategies I can use to hit that 20% LTV the fastest?
I am going to rent out two of the three bedrooms (house hacking).
I’ve already made a number of cosmetic improvements to the property (garage door opener, replaced the skylight, soon to refinish the hard wood flooring, will paint and refinish the walls, etc)
I plan on adding a 4th bedroom to the basement space. Making the property a 4 bed 2 bath home.
I plan on contributing the max I can along with tenant money to paying down the loan faster outside of my savings and retirement accounts.
What else should I be thinking about? I have about $63k I need to hit that mark and I’d like to get it by end of next year.