PMI Mortgage Interest - Cancellation

[Derek Johnson]

I read this topic about removing PMI http://www.biggerpockets.com/forums/50/topics/1109...

I just want to confirm that banks can make the first year of PMI a requirement no matter what. We bought our home for $69,100 this April and our realtor thinks it's in the $110-120k range. So we would easily pass the 80% LTV. But when we closed they told me I'd have to wait at least a year before removing PMI. Not too big of a deal just want to confirm that I do have to wait...