Updated over 6 years ago on . Most recent reply
My Bank is requesting a 35% LTV on a Multi family.
I own a multi family and one of the unit is owner occupied. when i got my loan i was under the impression if i paid 20% of the amount i borrowed, i would be able to cancel my PMI. to get the loan i put up 5% and now 3 years later i paid 10% into my loan. My property value also went up another 10%. I called my bank thinking i would have at least 25% of equity. For some reason the bank is requiring me to have a 35% LTV before i cancel my PMI and they said it is becuase i have a multi unit.
Can they do that? looking at the act of 98 i dont see where it says that about a multi unit.