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!
Hi Marybeth, please send me your email and I'll send you some great mortgage contacts that can likely help.
@Marybeth K. What you have is a non-warrantable condo. Your refi option is going to be a 7/1 ARM, probably at a higher rate then what you have now and you will actually have to put money into it. I say you stick with what you have.
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