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Updated about 5 years ago on . Most recent reply

Andy R.'s profile image
Andy R.'s profile image
Andy R.
  • Investor
  • from Orlando, FL
  • Member since Feb 4, 2016

User Stats

68
Posts
17
Votes
Andy R.'s profile image
Andy R.'s profile image
Andy R.
  • Investor
  • from Orlando, FL
  • Member since Feb 4, 2016
Andy R.
  • Investor
  • Orlando, FL
17
Votes |
68
Posts
Private Lending & Conventional Mortgage Advice

PMI Removal on non-FHA Rental Loan

Andy R.
  • Investor
  • Orlando, FL
Posted

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

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